According to research published by Mintel, up to 60% of Brits would consider installing solar panels on their roof in the next five years.
The company asked 1,219 UK homeowners about their attitudes towards solar PV and discovered that, of the 60% willing to install solar in the next five years, 39% of them listed a free solar installation through a ‘rent-a-roof’ scheme as the most attractive option.
Interestingly, 26% stated that they would be interested in part-financing a solar PV install through Green Deal finance despite the industry’s concerns over the high interest rate on Green Deal loans. Finally, just 23% of respondents indicated that they would be willing to purchase a solar PV system outright.
The research identified some key demographic trends within the market, discovering that those with a household income of £50,000 and above are most likely to install solar PV. In addition, Mintel found that those living in Inner & Central London were more likely to install solar. However, this directly contradicts with Feed-in Tariff installation statistics which show London severely lagging behind other geographic areas in solar adoption.
The research carried out by Mintel also looks at key market trends with a view to predicting future solar deployment in the UK. The research company claims that the UK will experience “strong” growth in 2015, adding 1.7GW of new capacity. Of the new capacity, 40% will be roof-mounted and 60% ground-mounted. Mintel’s predictions are extremely conservative compared to other industry analysts who have predicted that the UK could install as much as 3GW of ground-mount solar just in the first quarter of 2015.
The research company is predicting a steady, if incremental, rise in roof-mounted solar following the government’s announced preference for it in the UK Solar Strategy. Mintel predicts that the UK will install 0.7GW of rooftop solar in 2015, 0.8GW in 2016, 0.8GW in 2017 and 0.9GW in 2018.
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This article has been adapted from an article published by Solar Power Portal.