With governmental incentivization, the march towards a more renewables-based energy mix is now inevitable and underway. Opportunities for businesses to create solutions and products for this marketplace are abundant and new businesses are springing up with the speed and agility.
Using the Electric Vehicle as an example, early adopters were keen to switch to renewables suppliers so that the “Green” credentials of their purchase were assured. In Europe the rise of the “Green” energy supplier has become more prevalent, offering a genuinely viable and competitive product set to meet the needs of those wishing to lead a more eco-aware lifestyle.
In the United Kingdom, a market which is leading this trend, whilst traditional suppliers dominate in terms of sheer scale, a cursory scan of the “Best Energy Suppliers” lists, show they are completely owned by companies that are renewables based.
Here in the US, V3 has partnered with Rhythm Energy who are leading the charge with renewables focused offers that match this trend.
What is not often discussed is that, due to sheer scale of deployment and increased efficiencies, renewables can now represent the cheapest sources of energy during certain periods of the day.
The EIA reported in May that the high volume of renewables deployment, 22.5GW between May 2020 and April 2021 with an anticipated incremental addition of 28.7GW by the end of 2021, which combined with higher than average Natural Gas prices, means renewables are a formidable force in the market.
For Retail Energy Providers, the opportunity to embrace this change and position accordingly is now. In a market with unsustainable churn rates, and a consumer base that is now more aware of the choices they can make, it has never been more important to get as close to the end user as possible, look for behavioural shifts, spot the indicators and help them on that journey. Changing a supplier is easy, but choosing your next supplier is harder, as you afforded lots of choice. By being the supplier that makes it easy to make these changes and helps them to do it, customer churn can be minimized, customer experience improved, and customer acquisition increased.