86% of global consumers believe climate change to lead to rising energy bills – study

29 / 08 / 2022

• CSR
• news

Schneider Electric, the leader in the digital transformation of energy management and automation, has revealed that nearly 9 out of 10 (86%) global consumers believe climate change will lead to rising energy bills and individuals should play a larger role on climate change.

The study said 7 out of 10 (72%) consumers consider reducing carbon footprints a personal priority, while over half (55%) place importance on their homes becoming net zero, yet less than a third (31%) actually believe this is likely to happen.

Over half (55%) of consumers believe it’s the responsibility of individuals to tackle climate change, while 40% of respondents believe that smart home technology will help make their home more sustainable

Over half (54%) of consumers expect their new home or apartments to be equipped with smart home devices, a 13% uplift over previously conducted research (2020). Smart lighting and smart thermostats are also now in the top three most purchased smart devices.

With individuals and families willing to spend, on average  £1.691 / Eur 1.995, in the next 12 months on energy efficiency – existing gadget owners who have likely already seen the benefits of smart tech and incorporated it into their lifestyles, are willing to spend at least twice the amount  £ 2.215 vs  £915 / Eur 2.613 vs Eur 1.079.

The study also revealed that today’s consumers want to lead sustainable lifestyles, putting energy efficiency at home as their major priority.

Jaap Ham, Associate Professor in the Industrial Engineering & Innovation Sciences at Eindhoven University of Technology, who consulted on the report findings said “With energy prices on the rise and the cost of living higher than ever, coupled with the growing number of devices and Electric Vehicles (EVs) on the road, home energy management is now one of the biggest areas of consideration for consumers, home builders, businesses and governments globally. While these numbers show many wanting to make changes but feeling pessimistic about the difference they can make – the future is truly in our hands as we make dwellings more sustainable with the help of modern home energy management (HEM) technologies. The biggest barrier to change right now is our mindset. We have created psychological roadblocks that result in us shirking the responsibility to take action.  These findings show that as we adopt smart digital solutions to fight the invisible foe (energy management and consumption), replace fossil fuels with smart, clean electricity in our homes’ energy diets, we can see how we’re making a meaningful contribution to our global fight for the healthier planet. Moreover, we should be able to do good for the environment without compromising on our comfort.”

 YiFu Qi, Executive Vice-President of Global Home and Distribution at Schneider Electric, said “Consumers in the current energy crisis need to feel they are in control over how energy is produced, stored and distributed in the home – in terms of sustainability and energy bills. The residential market is at a tipping point, and the good news is the technological solutions already exist, like Wiser, that help consumers lead more sustainable lifestyles and empower them to play a meaningful role in achieving our net zero goals. Our research shows there is a greater understanding amongst consumers about how they can improve their home energy management and that smart home technology can help them be more efficient. The next step is to implement this knowledge before it’s too late.”