Three key areas the power sector should address to push consumers' energy transition
The survey found that 70% are not willing to spend more money and time on the transition.
Energy providers should address concerns on affordability, access, and appeal of the energy experience to encourage them to shift to sustainable energy choices, according to a report by EY.
A survey by EY found that 65% of the respondents know how to start making sustainable energy choices but 70% claimed that they are not willing to shell out more money and spend time to do so.
“An energy system that isn’t affordable, accessible or appealing doesn’t inspire consumer confidence. We found consumers in nearly all markets are less confident in their energy future than they were a year ago,” the report authored by Greg Guthridge, EY Global Energy & Resources Customer Experience Transformation Leader, read.
Affordability covers the impact of energy on a consumer’s financial well-being and lifestyle, more than just the price.
The survey found that 67% of consumers could not absorb a 10% increase in bills, but 30% are confident that their energy will remain affordable.
It also found that around two-thirds are not keen on investing in new energy products such as rooftop solar or electric vehicles in the next three years.
In terms of energy access, which encompasses physical availability, education, awareness, choice, data and insights, 33% are confident that they can access clean energy options and 18% would adopt new energy products and services if they were easier to purchase and install.
Energy providers should also create “appealing energy options” which entails understanding “complicated drivers of human behaviour.”
The survey also found that 77% of consumers want their energy providers to offer low-cost options with high-end products and services, and 67% want personalised energy solutions. Around 70% also want subscription-based energy bill options.
“Consumers will ultimately determine the success or failure of our clean energy future, but they are growing tired of the journey to get there. Residential and business consumers have been left to shoulder the burden of a changing energy system, navigating new technologies and deciphering complex tariffs, all while absorbing rising bills,” the report read.