Required:

1) State the correlation coefficient.

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 R square Observations Intercept Solar panels 0.71 0.5041 242 Coefficients 2.93 -0.6 Standard Error 7.7 2.94