While the majority (91%) of Canadians are aware that using "green" energy can help to reduce environmental impact in the home, only 5% have taken action and installed rooftop solar panels. What's holding them back? According to a study by TD Canada Trust, it's cost.

The survey, conducted with 1,000 Canadian homeowners over the age of 25 in July/August 2010, finds that a third of homeowners have actually considered installing solar panels for their homes. However, an overwhelming majority (76%) report that the expense is their number-one deterrant.

"The gap between awareness and action is mainly due to concerns about cost," confirms Karen Clarke-Whistler, Chief Environment Officer, TD.

But, she points out, these concerns can be overcome by explaining the long-term benefits that solar panels can provide. Clarke-Whistler cites hybrid vehicles as a perfect example.

"A decade ago," she recalls, "hybrid vehicles were a novelty. But today, there are a growing number on our roads. We believe the future for rooftop solar panels is just as bright."

Only just shy of half (47%) of Canadians are aware that solar panels can help reduce home energy costs; and fewer than 5% know that, in some provinces, they can provide a new revenue stream for sellers by offering them to local utility providers.

According to TD, solar panels require little maintenance, and can last more than 25 years. Because solar power is a renewable, natural energy source, it is non-polluting.

"To meet increasing energy demands," adds the firm, "Canada needs to diversify its energy supplies beyond conventional sources such as oil, coal and gas."

In addition to explaining the benefits of solar panels, sellers must also get themselves in front of the consumer. TD's survey found that of those who would consider installing solar panels on the roof, more than 20% saud they had no idea where to start in order to move forward with such a project.

TD has set up an educational Website at www.td.com/renewableenergy that can be used as a starting point.

Once education and awareness is covered, however, TD says that financing options will also be needed. According to the financial institution, the number of survey respondents who say they would install solar panels jumps to 40% if financing options were available to help with the upfront costs.

"By plugging into solar energy, Canadians can reduce their environmental impact with the flick of a switch," concludes Don Cooper, Manager, TD Financing Services. "Generating renewable energy is a great way to go green."

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