Posted 12/14/2023, 1:00:00 PM
Solar Power Reaches More American Households as Costs Fall and Incentives Rise
- Median income of US solar panel adopters was $117K in 2022, down from $140K in 2010, showing the market is broadening beyond just high-income households
- 21% of new solar installations in 2022 were in low-income states like Florida, up from 16% in middle-income states, indicating geographic expansion
- Falling solar panel prices and new business models are making rooftop solar more accessible and equitable
- Federal and state tax credits and incentives have helped reduce costs, especially for low- to moderate-income households
- "Solar for All" programs in states like Illinois and Maryland provide additional solar incentives targeted at lower income residents