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Meet changing market demand
The Changing Energy Market
Deloitte Insights found that:
The needs and wants of energy customers has evolved
Consumer focus on personal carbon footprints is increasing with a reliance on clean energy sources being the number one energy issue among consumers.
There is a growing demand for choice in energy consumption, particularly as millennials continue to become energy decision-makers in their households.
Businesses are embracing cleaner energy more fully: they’re both looking to utilities to provide more renewable energy options and are innovating by procuring their own electricity from renewable sources.
68% concerned about climate change
Sixty-eight percent of residential consumers surveyed agree strongly or somewhat with the statement “I’m very concerned about climate change and my personal carbon footprint,” in line with survey results in previous years.
6 in 10 business report stakeholder pressure for renewables
Nearly six in 10 businesses surveyed feel increased pressure from stakeholders to disclose and address climate risk and, of those, nearly nine in 10 have reviewed or changed their disclosure procedures and developed plans to address climate-related risks.
53% want more energy from renewables
More than half (53%) of residential consumers surveyed said it’s extremely or very important that part of their electricity supply comes from renewable energy, revisiting a historic high among studies
51% working to get more energy from renewables
51% of business respondents said they’re working to procure more electricity from renewables, up 4 points from 2019.
65% see renewables as a boost to the economy
Sixty-five percent of residential consumers surveyed saw greater renewable energy development boosting the national economy, the highest level since the 2014 Study.
52% worried about supply interruption from traditional grid
Fifty-two percent of business respondents are concerned about an interruption to their electricity supply due to a cybersecurity event on the electric grid and 37% of residential consumer respondents share this concern
Informed and engaged customers
Utilities must respond to a new kind of informed and engaged energy consumer: one for whom choice is often more important than loyalty to a provider.
6 in 10 would switch for renewable regardless of cost
Six out of 10 residential consumers would feel motivated to switch providers if offered the option to use renewable energy sources.
Demand driven by maturing millennial consumer class
This demand for greater energy choices – and for those choices to include more renewable options – is being driven largely by millennials.
Today, these 21 - 34-year-olds make up the largest age cohort among residential consumers.
Many millennials’ focus on “cleaner, techier, younger” options has challenged utilities not just to diversify their energy mixes even further, but also to develop new ways of engaging with customers, looking for ways behind the meter to offer more choice and control.
These methods include apps that offer tools to monitor and manage energy usage, smart homes, and programs that support more widespread home-generation of renewable energy.
Energy management: Paused by pandemic, but poised to prevail Deloitte Resources 2020 Study, Deloitte Insights [Energy management: Paused by pandemic, but poised to prevail | Deloitte Insights](https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/energy-study-of-businesses-and-residential-consumers.html)