Just one third of British energy consumers are willing to pay higher bills to support the UK net-zero transition, according to a report.
However, the research from Accenture also found a high level of support for the transition to cleaner energy sources.
Nearly seven out of ten (69%) of British consumers are supportive of net-zero efforts, but only 33% are willing to pay higher energy premiums.
Of the 67% of people unwilling to see their bills rise, 43% cited energy affordability as a key concern.
A similar number (44%) felt it was not their responsibility to fund clean energy initiatives.
Overall, most British consumers believe businesses have a shared responsibility with individuals when it comes to sustainability action.
Over half (57%) of respondents said they believe individuals have a significant role to play, with almost 80% saying the same for businesses.
The report surveyed 16,800 residential energy consumers across 18 countries, including 800 living in the UK.
Accenture UK resources lead Gavin Moore said that, given the increasing cost of living, it is “unsurprising” many consumers are unwilling or unable to pay more – despite supporting overall net-zero goals.
“Shifting from an asset to a customer focus, energy providers need to get customers on board and create momentum and trust in the net-zero transition,” Moore said.
Net zero disconnect
Accenture said its research highlights a potential disconnect between consumers and businesses when it comes to the UK energy transition, as well as distrust of the sector.
Around 20% of respondents who were unwilling to support clean energy investments said they doubted their provider’s commitment and ability to invest in green energy.
Indeed, the report found energy firms will need to do more to meet consumer expectations if they are to win over support from their customers.
Ultimately, while much of the investment in the UK energy sector will come from the private sector, UK consumers will also contribute through their energy bills.
© Image: SP Energy NetworksAlong with upgrades to the electricity grid, UK households also pay towards policies that support renewable energy projects such as the Contracts for Difference scheme.
The study highlights the dilemma facing energy providers as the UK seeks to raise billions of pounds in investment to deliver the infrastructure necessary for net zero.
Accenture said providers will have to either raise electricity prices to help cover investments to meet net-zero goals, or slow down investment spend.
The report called for “rapid and radical action”, including implementing customer-centred business models and other innovative cost and productivity approaches.
Moore said that, to achieve progress, energy firms will need to prioritise building stronger relationships with customers.
They also need to demonstrate transparency, accountability and a measurable impact on their goals, he added.
“By showing the results of their investment into clean energy, providers can better align with consumer expectations and deepen trust,” Moore said.
However, the research found signs that consumers are willing to embrace less energy and carbon-intensive alternatives.
Around 78% of respondents said they would be interested in clean energy related products or services such as electric vehicle charging, battery storage or solar panels.
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