The Rise in Green Premium Acceptance

July 2, 2024

The following was originally published by Engie Resources in their 2024 Business Energy Census Report

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In an era marked by an increasing focus on sustainability, customers demonstrate a growing willingness to invest in green energy. Survey participants report a significant uptick in the number of customers ready to pay a premium for renewable energy sources, underpinned by heightened demand and the escalated prices. The trend is striking, with 82% of customers in 2024 affirming their willingness to pay at least some premium for green energy, up from 72% in 2023. Additionally, the

willingness to accept no premium for green energy at all has dropped from 28% to 18% between 2023 and 2024, illustrating a decline in price sensitivity when it comes to sustainable energy options.


Geography plays a significant role in the concept of green premiums, showcasing varying levels of commitment to renewable energy. In Texas, traditionally known for its oil industry, there’s a notable trend toward accepting a slight premium for green energy, reflecting the state’s heavy investment in wind and the expanding solar sector. In the PJM region, there’s a significant willingness to embrace moderate premiums, while the New York/New England corridor consistently prefers smaller premiums.


"We are not surprised to see that there is an increasing willingness to pay a premium for clean, green power. In fact, it’s driving our core strategy. ENGIE is positioned to address a dramatic shift to planet-friendly power with a focus that few can match. Our goal as a retail supplier is to reach 30 TWh of renewable energy delivered in 2030. We are taking solutions to markets that are not yet open to competition. Our recent acquisition of a leading company specializing in battery storage, Broad Reach Power, was one of the largest M&A activities of 2023 to enable retail customer participation in the journey to net zero."


-Taymur Bunkheila, Director, Energy Solutions and Energy+, Engie Resources


KEY TAKEAWAYS

• Sixty-two percent of customers are willing to pay a small premium versus 56% in 2023.

• Those willing to pay a moderate premium are holding steady at 18%.

• Eighteen percent are not willing to pay any premium at all, down from 28% in 2023.


IMPLICATIONS

• Energy providers can differentiate themselves in the market by offering competitive green energy options at varied premium levels.

• Policymakers may be encouraged to continue or increase incentives for renewable energy adoptions.

• Energy companies can adjust their strategic positioning and cater to the growing segment of consumers who value sustainability and are willing to pay for it.


OPPORTUNITIES

• There’s a growing market for renewable energy products that can command a premium, offering an opportunity for providers to expand their offerings.

• Financial institutions and energy providers can collaborate to create innovative financing models that make paying a premium more attractive.



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