In the US, more than 20 electric vehicle models are currently for sale, including options within a middle-class cost range. But even among those interested in buying electric vehicles, 68% of consumers say they are too expensive.
Shifting from mobility to homes and offices, many of the same dynamics remain in play.
The most common energy-efficiency upgrades to homes involve installing fans and energy-efficient appliances, while businesses mostly perform regular maintenance, switch to LED bulbs and replace old equipment.
Improvements solely for the sake of energy efficiency — such as installing solar panels and adding heat-absorbent roofing materials — are the least likely to actually be made, despite being the most impactful. Energy efficiency improvements would most typically occur as part of broader projects, not for their own sake.
Cost is a significant hurdle as 61% of consumers report the expense to undertake more efficiency projects is too much, and 27% believe it will take too long for savings to pay for the initial expense. Yet, among homeowners, these upgrades are desirable — 64% plan on or want to install solar panels, and 80% of respondents could be incentivized to make energy-efficient home upgrades through tax credits or a discount on homeowners insurance.
Innovation
Utilities need to innovate and transform their businesses to handle the unprecedented disruption across the sector. Emerging technologies will play a crucial role, and utilities must harness their capabilities to seize the opportunities presented by the new energy world.
Read moreOn the corporate side, companies have been most likely to maintain or replace equipment in a bid to be more energy efficient. Less tangible actions, such as having employees unplug their devices when not in use and measuring the company’s carbon footprint, are much less common. All of these less-tangible actions are steps EDMs wish to take, but comparatively few have actual plans to.
Asked why they’ve not taken more steps to be more energy efficient, EDMs cite the upfront expense and the time required to recoup the cost. Another factor for power and utilities and real estate companies to consider: nearly half (46%) of EDMs haven’t taken more steps because they do not own the buildings they operate from, suggesting that commercial landlords are the most promising target for energy efficiency upgrades.
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What’s next in energy?
The survey results suggest that when it comes to making changes in their energy usage, both consumers and EDMs tend to be reactive rather than forward-thinking. For energy companies, this is an opportunity to create a deeper relationship with customers by getting behind the meter or the gas pump and leading energy customers to change.
This is a significant, but necessary, change for a sector historically disconnected from its customers. By serving as energy consultants rather than suppliers, energy companies can help customers lower costs and reduce their carbon footprint — while strengthening their own market position.
Summary
As technology offers newer and cheaper solutions and climate change concerns gain steam, American consumers are open to alternative energy choices but prioritize energy costs. Amid this backdrop, companies in several sectors should be constantly reassessing their offerings to capture consumer demand and dispel lingering misperceptions around energy.