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Untapped energy savings potential in the residential sector are a barrier to achieving ambitious national energy-efficiency targets. In fact, they may lead to substantial welfare losses. Among the several potential causes for consumers to not invest in energy-efficient appliances and equipment, which— over their lifetimes—are often also the cost-minimizing choices, are consumers’ limited energy-specific knowledge and investment skills. Consumers’ decisions to invest in energy-using durables represent a type of intertemporal decision, for which it has been observed in other domains that consumers are myopic or inattentive to costs arising in the future. Previous research in different countries has shown that large shares of the population are unaware of the savings they could realize by replacing their electric appliances by more energy-efficient ones. Yet, investments in energy-using durables require not only awareness of future operation costs but also a combination of specific knowledge and skills: information about the energy consumption and the lifetime of appliances as well as of possible new, more efficient, appliances that could replace the old ones. Furthermore, consumers need to know the cost of electricity and make assumptions on how frequently they plan to use their appliances. Eventually, they need the skills to process all this knowledge in order to identify the possible savings from replacing their appliances by more energy-efficient ones. Research shows that these processing costs are relatively high for a substantial share of individuals. In combination with the lack of energy-specific knowledge and skills, this might represent an important barrier to households’ energy conservation.

Empower the Consumer! Energy-related Financial Literacy and its Implications for Economic Decision Making