Published on Jun 15, 2023
Renewable energy is becoming an increasingly popular topic in the US. Consumers are taking note of the benefits of renewable energy, such as reduced dependence on fossil fuels, increased efforts toward sustainability, and more cost-effective energy sources.
In a recent survey conducted by FirstNight and Wharton Business School, over 75% GenZ respondents selected a company’s sustainability practices as the key reason to purchase from them as compared to their brand equity. Underlining the insight that the #1 concern for Millenials and GenZ remains climate change and sustainability in this decade. And it continues to shape consumer behavior in the present and future.
Benefits of Renewable Energy
Renewable energy sources such as wind, solar, and hydropower are among the mainstream energy sources that have found an active consumer base in today’s markets. Combined, these three sources account for more than 25% of the electricity generation capacity in the USA today. And are expected to reach 40% of the USA’s electricity capacity by 2050.
Interestingly, in 2020 renewable energy sources accounted for 12% of the energy consumption by US households. The share has increased yearly, while the reliance on fossil fuels has decreased, with household consumption showing a downward trend.
The environmental benefits of using renewable resources include a reduced carbon footprint, lower waste generation, and decreased depletion of natural resources, among other essential gains. But the economic benefits and ease of access with improved ecosystems, government incentives, tax credits, and digitalization have helped bring these power sources closer to end users.
Challenges of Accessing Renewable Energy in the USA
Despite the increasing popularity of renewable energy sources, some challenges still need to be addressed to make them more accessible to consumers in the USA. These include the need for more infrastructure, the high cost of installation, and the need for consumer awareness.
Additionally, continued lobbying by fossil fuel giants and recent cases of unreliability with power generation through renewables have been significant hindrances in adopting these sources.
To make clean energy sources more accessible to consumers, a concerted effort from the government and the private sector is needed. It includes providing incentives and subsidies, increasing consumer awareness, and improving the infrastructure for renewable energy sources. Additionally, digitalization and the use of technology can also help make renewable energy sources more accessible to consumers.
The Role of Technology in Connecting Consumers
Technology is the modern-day solution to the chasm of business, human and environmental challenges.
Several technology companies are helping connect the renewable energy industry with consumers. From providing digital platforms and new business models, aiding consumer awareness with adequate information, and improving user experience across touchpoints – tech companies are enabling the adoption of new energy sources in American households.
In the age of digital-first, information is one of the most potent tools to arm consumers. Companies like Softecks have developed mobile apps with over 20K downloads to educate consumers on renewable resources. Companies like Coursera and edX have also developed several educational courses to help consumers learn about renewable resources.
Websites such as SolarReviews, EnergySage, EIA, and EPA Green Power Pricing help compile information about prices and services across different companies. They are allowing consumers to find lower prices and better services easily.
Several digital companies help green energy companies improve their customer experience. Mantra Labs recently built a digital platform for a USA-based Solar Power company to help them visually map solar panels on a customer’s roof through satellite imagery and intuitively designed dashboards.
Termed one of the most innovative companies in the energy industry, Arcadia offers a subscription-based service that allows customers to access clean energy from local solar projects and wind farms without installing any equipment.
Further, digital companies are also helping bring clean energy offerings to consumers. In India, Mantra Labs developed the mobile application suite for the #1 EV-based shared mobility provider – Yulu. Built from scratch and scaled rapidly, the mobile application saw over 1Mn download and 500K unique users registered in 2019. Global consulting firm McKinsey & Co provide analytics, consulting, and software services to such companies and helps them with their business offerings.
Conclusion
Technology has enabled renewable energy companies to connect more closely with consumers. It has brought more efficient and user-friendly services and better access to information and education about renewable resources. Renewable energy companies can now provide more comprehensive services to their customers through mobile apps, websites, and digital platforms. These technological developments have enabled the renewable energy industry to become more accessible to consumers and have helped the industry make significant strides toward a greener future.
Further Reading : Tech Savvy CX-A Game Changer for Solar Industry
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