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Exploring the willingness of consumers to electrify their homes
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NETL
NSTL
Elsevier
This paper explores the willingness of consumers to pay for three key electrification technologies - electric vehicles (EVs), rooftop solar (RPV), and air source heat pumps (HPs), using a nuanced two-step model. The first step focuses on whether or not a consumer would consider purchasing a technology, paying particular attention to thresholds and constraints. For those who are willing to pay, the second step focuses on the minimum return -on-investment (ROI) that they require, based on gradations of supporting circumstances such as sustainable lifestyle and climate concern. The second step conjoins respondents' willingness to pay if their energy savings are sufficient and those who are willing to pay if a supportive policy were available. We use the two-step Heckman model to test the validity of our framework using data from an original survey of 1800 adults living in the state of Georgia, USA in 2021. While various enablers and constraints play significant roles in the first step as thresholds, the internal mo-tivators highlighted in the theories of innovation diffusion and planned behavior dominate the minimum ROI. The most consistently significant predictors of being willing to pay for EVs, RPVs, and HPs are having knowledge about energy systems, being risk-tolerant, not being a Republican, living a highly sustainable lifestyle, and believing that there is a climate urgency. Additionally, technology-specific infrastructure constraints are im-pactful, such as heating with natural gas when considering a conversion to electric heat pumps. Several common predictors affect ROI across all three technologies (e.g., having a sustainable lifestyle and being younger). Common predictors can be used to effectively guide policy design and deployment programs, and may help to promote other electric devices.
NETL
NSTL
Elsevier
