According to our recent survey, 79% of Americans in select deregulated energy states are familiar with the idea that they can switch energy providers. Yet despite knowing they have options to grab lower rates on their energy bills, or opt into green energy sources, only 58% of those respondents have actually switched providers themselves (see Figure 1).
Millennials made up 63% of respondents who have already made the switch to a new home electricity supplier. Why might this option be so appealing to Millennials in particular? Chances are, the opportunity to secure a lower monthly energy bill is especially appealing to this group, in light of its distinct lack of generational wealth on the whole. Fallout from the Great Recession and other economic factors have put Millennials in the position of holding just 3% of total US wealth—and that percentage was calculated before the pandemic struck and put millions out of work. It follows, then, that Millennials would seek lower energy rates by switching to a new supplier, in hopes of getting their finances back on track.
Whether Millennials are on the prowl for lower household costs or simply more aware of their options than the generations surrounding them, one thing is clear for everyone in the deregulated electricity market space: Millennials are the prospective customers to watch.
This study was conducted using Pollfish, an online platform that facilitates statistically accurate surveys between businesses and a diverse group of US residents.The first survey gauged overall awareness for 400 respondents in the states that Eligo Energy serves: “Are you aware that you have the option to change your home electricity supplier?” This survey was conducted on November 9, 2020. A follow-up survey measured satisfaction among another 400 respondents: “Are you aware that you can change your home’s electricity supplier?”, “Have you ever switched your home electricity supplier?” and “Are you satisfied with your home electricity supplier?” This study was conducted on November 17, 2020.
|Have switchedYes||Have not switchedNo|