by Matt Davies
February 15, 2024
Global consultancy EY’s new report, “Energy Transition Consumer Insights,” unveils a crucial opportunity to bridge the divide between consumers’ interest in sustainable energy and their hesitancy to take action.
The study, spanning three years and surveying nearly 100,000 residential energy consumers across 21 markets, highlights the pivotal role consumer behavior plays in determining the success of the ongoing energy transition.
In short, the EY report found that “fatigue is setting in just as we enter a more difficult phase of the transition.”
“Energy consumers want a clean energy future but need a broad range of support to make personal energy choices,” said Greg Guthridge, the EY Global Energy & Resources Customer Experience Transformation Leader. “Closing the gap between their interest and action will depend on energy providers, government, and the broader energy ecosystem working together to pull every lever available.”
While 65% of energy consumers “know how to start making sustainable energy choices,” as much as 70% say that they “will not spend more time or money doing so,” the EY report found.
Many of the respondents said that the energy system falls short in fulfilling three essential dimensions of the energy experience, namely affordability, accessibility, and appeal.
Meanwhile, a mere 30% of consumers express confidence in the continued affordability of their energy, with a significant 72% indicating their inability to accommodate a 10% bill increase.
The report also found that, over the last three years, there has been no improvement in the understanding of terms such as renewable energy and sustainability, with only 26% of consumers demonstrating a solid grasp of these concepts.
The results further highlight that the diverse and sometimes irrational nature of consumers is propelled by a broad spectrum of energy values: 77% express a desire for their energy provider to present cost-effective energy choices alongside premium products and services; 67% are in pursuit of personalized energy solutions and 18% indicate a willingness to embrace new energy products and services if the acquisition and installation processes were simplified.
“Change is accelerating exponentially across the world’s multiple energy transitions. Disruption to the energy industry is increasing. And at the heart of this is the consumer. The EY research shows consumers are interested about the potential of change but want partners to help,” EY Global Energy & Resources Customer Experience Transformation Leader Greg Guthridge said, adding:
“This creates an opportunity for energy providers to reshape themselves as trusted advisors -making change easier, faster, broader, and deeper. A holistic, consumer-centric approach to the energy transition is how we accelerate progress toward a fairer, greener, and better energy system that delivers more value for everyone.”
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This article was originally published on IMPAKTER. Read the original article.