Commercial, Energy Efficiency, GHG Emissions - February 15, 2024
Consumer Confidence in US Energy System in Decline
The EY Energy Consumer Confidence Index (ECCI) reveals an 8-point plunge in consumer confidence toward the U.S. energy system, falling from 64.8 in 2022 down to 56.9.
The survey revealed that only 30% of Americans feel confident their energy will remain affordable, most consumers (68%) believe they are doing everything they can to be sustainable, and 65% believe utilities should take the lead in shifting to cleaner energy.
A large number of Americans, or 42%, believe local governments should take the lead in shifting to renewable energy, followed by 38% who feel that oil and gas companies need to lead the transition. The survey also revealed that 70% of people believe that energy transition outcomes will depend on consumers changing their consumption, behaviors, and lifestyles.
Ernst & Young LLP (EY) surveyed 3,000 U.S. consumers on their sentiment of the energy market for the Energy transition consumer insights report about the transition toward lower-carbon and renewable energies and their optimism concerning its progress.
"US consumers are concerned about the costs and accessibility of clean energy options, underscoring the need for energy providers, regulators and policymakers to work together to progress carbon ambitions," said Trey Thornton, EY Americas Power & Utilities Leader, in a statement. "Broad consumer action is the biggest driver for demand of lower-carbon and renewable energies, yet our research concludes not enough is being done to spur greater consumer adoption of these products."
Affordability was chosen as the most important factor by 75% of Americans when it comes to their energy experience. Most consumers, or 82%, cite energy as a budgeted expense and a majority, or 65%, are unable to afford a 10% increase in energy costs. Only 30% of Americans feel confident their energy will remain affordable, with 70% of consumers unwilling to invest more money or time in making sustainable energy choices.
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