Only the rich can enjoy the benefits of residential solar. For those who cannot afford it, this new renewable technology is nothing but a financial burden, as they have to absorb the cost of subsidies offered to solar users.
PowerScout, an online data-driven service provider for sustainable homes, has come up with a patented technology to find out how much truth is in the belief that it is only the rich people who can afford a transition to solar.
PowerScout’s patented technology, the Convolutional Neural Network (CNN) machine-learning algorithm, is similar in nature to the one used by Facebook for facial recognition in auto-tagging. The well-known electric car company Tesla, too, employs the same algo for its self-driven cars. Based on artificial intelligence and advanced analytics, PowerScout’s technology works in a step-by-step fashion. First, it identifies a roof in an image and then determines whether it has a solar panel or not.
The survey included the four US states that topped the country’s chart in installed solar panels – California, Massachusetts, New Jersey, and New York. PowerScount’s patented technology helped to distinguish between images of homes with and without solar panels. The next step involved matching the solar homes with income bands. And the data it revealed was plain astounding. It is the homeowners belonging to the middle-income group that made up 70 percent of solar customers. According to the study, these solar using households have an annual income between US$45,000 and US$150,000. One of the significant findings of the survey is that lower-income families (with an annual income less than US$45,000) too, have access to solar.
The study makes it evident that solar is not necessarily the rich’s bastion. This demographic picture sends out a strong signal to policy makers, solar installers and investors that this is high time that the nation should take constructive steps to make renewable energy generation mainstream and provide necessary support to make it accessible to different socio-economic strata.
What is stopping you from installing solar panels on your rooftop? Do you think that you might not be able to afford them? Well, the study conducted by PowerScout shows that thousands of people in the middle-income group have already opted for solar power. So, forget all hesitation and switch to solar as soon as possible. If you need assistance in matters of product choice and installation, contact us here.