Two-thirds of consumers reluctant to invest in sustainable energy: EY

However, 65% of energy users are aware of the various sustainable energy products and services.

Sustainability in energy has remained a critical driver in the sector, but 70% of energy consumers have revealed that they are unwilling to invest time or money in sustainable energy.

According to the report “Energy Transition Consumer Insights” by EY, 65% of consumers are aware of making sustainable energy choices, but they are inundated by consumer fatigue, stalling confidence, and stagnating progress for energy transition.

Tracking over 100,000 residential energy consumers in 21 markets, respondents claim that the energy sector has failed to deliver on three important factors: affordability, access, and appeal.

30% are self-assured that energy consumption will remain affordable and 72% reveal that they cannot absorb bill increases of 10%. This is despite 26% of consumers having a good understanding of renewable energy and sustainability, reflecting a lack of improvement.

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However, a significant 77% of respondents hope for energy providers to offer low-cost energy products and services. It aligns with 67% seeking personalised energy solutions and 18% of consumers wanting to adopt new energy products and services if they are convenient to buy and install.

The lack of urgency in sustainable energy will depend on the energy companies seizing the opportunity to engage with consumers and initiate action.

“While efforts on the supply side are gaining momentum, we need an even more fundamental shift in how we engage and encourage sustainable consumer behaviour. 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,” Greg Guthridge, Global Energy & Resources Customer Experience Transformation Leader at EY, stated.