50% of Gen Z prefer solar solutions; Millennials follow at 46% and Gen X at 40%

  • Industry News
  • Sep 04,24
28% of baby boomers (age 58-76) consider solar energy solutions inaccessible.
50% of Gen Z prefer solar solutions; Millennials follow at 46% and Gen X at 40%

The solar power in India is having its moment in the sun. Amid this transitioning energy phase unfolding, the ‘Solar Spectrum of New India’ a survey by Luminous Power Technologies reveals significant challenges and perception gap regarding the accessibility of solar energy solutions among different demographics in India. 

The study showcased awareness of alternatives to traditional energy sources is on the rise among Indians. As much as 97% respondents in India don’t have solar rooftop system installed in their homes. In terms of accessibility, the survey reveals that 28% of baby boomers (age 58-76) consider solar energy solutions inaccessible, while millennials report the least difficulty, with only 21% expressing concerns. Gen X and Gen Z follow closely, with 23% and 25% respectively indicating inaccessibility.

Most of the respondents agreed that the shortage of specialised skills and skilled labour is a major roadblock for a seamless transition to solar solutions. 90% of respondents both males and females stated the installation of solar solutions such as rooftop panels need specialised skills. Additionally, 57% women and 41% men state that skilled labor is not available in their area for implementing solar energy solutions. 

This indicates a need for industry stakeholders to take the lead in driving awareness for career-building opportunities in the solar power sector. 

On the front of cost implication, the research highlighted some insightful findings revealing that the perception around high installation costs associated with adoption of rooftop solar remain a significant barrier to its seamless adoption.  92% of Gen Z, 92% of Gen X & 92% millennials perceive the cost of implementing solar power solutions is expensive compared to traditional energy sources. Notably, 41% of non-solar rooftop-owning millennials are aware of the solar financing options, compared to 38% Gen X. Additionally, 84% of millennial solar rooftop owners received financing and insurance options, contrasting with 58% Gen X.

A detailed analysis on the cost analysis further noted that men’s perception of both short-term and long-term costs is markedly higher than that of women. 61% of men believe that solar energy involves high initial installation costs, compared to 51% of women. 

Elaborating on the generational findings around cost implication of solar solutions, Preeti Bajaj, MD & CEO, Luminous Power Technologies said, “As an energy solutions player, our job is to gauge the market sentiment, which entails us to have a thorough understanding about the rising energy needs of homes and offices. Since the spending power of a consumer is on a rising trajectory, we foresee the need to own smarter home appliances. The consumers will be inclined on living a cost effective decarbonised life.”
Preeti adds, “Owing to this shift in needs and demand trends, ‘Solar spectrum of New India’ gave us a clear picture to understand the changing consumer perceptions, limitations and opportunities that remain unaddressed around the sphere of solar energy adoption. It is our responsibility as industry players to direct our initiatives in bridging the skill gap, awareness and providing a support towards creating more viable solar financing options for the consumers.”

In order to unlock the full potential of solar energy the government has already taken the lead and announced a revolutionary initiative like PM Surya Ghar Muft Bijli Yojana. Additionally, the Union budget also favoured the indigenous production of solar panels, cells by proposing to expand the list of exempted capital goods used in the solar panels manufacturing.

Luminous has partnered with NBFCs like Ecofy and a leading fintech lender Credit Fair to offer affordable solar financing options to individuals, trust-run institutions, housing societies, and small and medium industries for installing clean energy systems. Luminous as part of their CSR project “Solar PV Installation Training” is also upskilling men & women across India to become solar technicians. The 400-hour course is being initiated to provide a lucrative job avenue to the unemployed youth. It has been active in the states of Himachal Pradesh, Odisha, Karnataka (Bengaluru), Jammu, Haryana (Kaithal), Maharashtra (Nagpur) and Sikkim (Rangpo). The trainees upon completion are being provided a Skill Certificate from NSDC (National Skill Development Corporation). Under this training course, the focus lies on the development of industry-competent skills

Methodology
The report is based on interviews with 4,318 respondents amongst four age cohorts as mentioned below across 5 metros: Bangalore, Delhi, Hyderabad, Kolkata, Mumbai and 8 non-metros: Ahmedabad, Chandigarh, Gurugram, Guwahati, Jaipur, Kochi, Lucknow, Patna conducted between February 2024 to March 2024. 

A random sample of 4258 respondents in the four age cohorts were interviewed, out of which 91 respondents were found to have solar rooftop systems. In addition to this 60 qualified respondents of solar rooftop owners were surveyed from 3 cities of high user ship.  All the findings from our survey are supported by extensive secondary research across the country.

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