Renewable energy providers appear to be growing in popularity, especially with younger demographics who would apparently prefer to choose one such supplier over traditional ones if costs were no higher.
According to a new study by comparethemarket.com, 65 per cent of younger Millennials (18 to 24-year-olds) would opt to go with a green energy provider given the chance. And more than one in ten of those asked said they considered green energy to be the most important factor when looking for a tariff.
Head of energy with the price comparison site Peter Earl said: “ Not only are young people prioritising green energy, the production costs for renewable energy are falling pretty quickly too, so we may well start to see more renewable tariffs coming into the market to match the growth of the sector and consumer demand.”
He went on to say that green tariffs may well begin to be priced more competitively compared to fossil fuel rates because of falling costs and economies of scale.
At the start of the year, the World Economic Forum revealed that solar and wind energy are now either the same price or less expensive than new fossil fuel capacity in over 30 countries around the world.
But despite this, energy companies and investors are not yet putting money into these greener solutions even though they’re cheaper than the traditional forms of energy generation we’re used to.
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