Energy Consumer Research

Goals

To obtain insights on the consumers' utility prospects and drivers/motivators of their decision to purchase energy-efficient products.

Early Findings

  • According to the World Economic Forum, consumers prefer the energy-efficient products with the belief that as they are associated with reduced operating costs for the lifetime of the products.
  • According to a study by Deloitte, a significant majority of US homeowners care about the environment and believe that buying energy-efficient products equate to protecting the environment.
  • The study also revealed that 70 percent of residential consumers say they are very concerned about the earth running out of essential resources. As such, they are willing to take vital steps (including buying energy-efficient products) for environmental conservation purposes.
  • In one study, researchers found that a household's bottom line for purchasing a high-efficiency machine versus a standard was because of the associated cost savings.
  • Another research confirmed that perceived ease of use and perceived usefulness are also significant contributors to consumers' choice of energy-efficient products.
  • Some consumers will be interested in energy-efficient appliances, as they are useful in trimming electric bills and enhancing the quality of life.
  • When consumers think energy-efficient appliances are convenient to use, they will have a positive attitude toward them, and subsequently purchase them.
  • Mandatory energy-efficiency requirements by the government also influence consumers' decision to purchase energy-efficient home appliances.

Summary

  • During the initial research, we found some drivers of consumers' purchase of energy-efficient products. We, therefore, suggest more hours of research to expound on the highlighted points and provide a more in-depth analysis.

Proposed next steps:

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