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On March 15 and 16, 2022, SaveOnEnergy.com® commissioned a YouGov survey of 655 American adult homeowners to gauge their knowledge of solar panel costs and government incentives. One of the major findings of the survey was that millennial homeowners were almost six times more likely to own solar panels (29%) than baby boomers (5%) and three times more likely to own them than Generation X homeowners (10%).
According to the survey findings, 95% of baby boomers and 90% of Gen X currently do not own solar panels, compared to 71% of millennials. Half of the millennial homeowners (50%) are more likely to anticipate paying off a solar loan of $20,000 within 3-5 years compared to Gen X (33%) and baby boomer homeowners (31%). The findings beg the question of what drives millennials to adopt solar more actively than boomers and Gen Xers.