Based on the secondary data from Forbes Home, Statista, and Solar.com, I have found out that:
96%
U.S homeowners want solar power to save money on utility bills
36%
U.S homeowners hesitate to switch to solar is due to upfront cost
8-9 years
Average payback period of solar panels.
Upfront cost is the main reason why people are not investing in solar. Since it takes an average of 8 to 9 years for individuals to see positive returns on their solar energy investment, if we can shorten the payback period, we can definitely bring up the value in solar energy. Payback period is the number of years it will take for the solar panels to essentially "pay for themselves" through savings.
A design constraint I have was the requirement to design a physical product for this project, leading me to choose smart outlet as an initial solution to help achieve the goal.
Design Goal: How might we shorten the payback period?
Solution 1: Maximizing Energy Savings with Smart Outlets
After receiving initial feedback and conducting preliminary research, I revisited my study, asking what else might shorten the payback period. Is it financial incentives, awareness of timing, or a lack of knowledge that's the issue? Considering offering community resource as a solution might also be worthwhile.
Iteration Research Goal: What are other factors that can shorten the payback period?