Homeowners Favor Investment in Solar Power over Home Renovation, Car Purchase

70 percent of Massachusetts homeowners with solar systems believe solar is a stronger investment than a major property renovation or buying a car, according to a recent survey by New England Clean Energy. Seven out of ten said solar was the best investment, three out of ten went with property renovation, and only one in a hundred thought buying a car was the best investment. 

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Here are some of the thoughts behind the survey-takers responses:

"Solar is a great investment that reduces your monthly expenses. The other two only raise your monthly expenses" (Tom Aciukewicz, Harvard).

“Solar yields immediate, no-maintenance dividends, and boosts the home’s value. Renovations can be hit-or-miss.” (Eric Fix, Marlborough);

“It’s like putting money away for retirement” (Paul and Patricia Peavey, Pepperell).

The survey found that the 30 percent federal tax credit for solar electric systems is a strong motivator for going solar, seven years after its introduction, with 70 percent of respondents selecting it as one of their reasons for installing solar. And 95 percent of solar-owners are happy they installed solar, with a full 54 percent saying they “couldn’t be happier” with their solar energy systems.

“Not many products or services boast a 95 percent approval rate, especially a relatively new product like solar. I attribute this high favorability to the fact that solar electric systems are reliable and virtually maintenance-free. As one customer told us, she forgets her system is even there until she opens her monthly electric bill,” said Mark Durrenberger, president of New England Clean Energy. “Plus, solar pays you back. How many purchases do that?”

Selected results of the survey can be found here.