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Question - In an effort to assist with annual electricity costs ($000), a large number of households in Australia have installed solar panels. To investigate this, a researcher took a random sample of households recording the annual electricity cost and the number of solar panels per household. Excel was used to create a simple linear regression of annual electricity cost against solar panels, with a portion of the regression output provided here:
Regression statistics
Multiple R
0.71
R square
0.5041
Observations
242
Coefficients
Standard Error
Intercept
2.93
7.7
Solar panels
-0.6
2.94
State the correlation coefficient.
Please give your answer correctly rounded to two decimal places.
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