At Impact, our extensive research through the Low Carbon Technology (LCT) Tracker offers invaluable insights into the evolving energy landscape in Great Britain. This syndicated project, backed by our partners in Distribution Network Operators (DNOs) and Gas Distribution Networks (GDNs), enables energy retailers to benefit from our findings, helping them make informed decisions that align with consumer needs and market trends.
Energy retailers participating as partners in the LCT Tracker receive brand boosts and have the flexibility to add their own set of questions, allowing them to gain tailored insights relevant to their customers.
1. Key Insights from Our Latest Wave
Based on data from the latest wave of the sudy, we have identified several key insights that energy retailers should consider:
- Heat Pumps: Increasing Consumer Hesitation
Our findings indicate that consumer hesitation towards heat pumps is growing, with three-quarters of respondents expressing concerns about costs, installation, and performance. Energy retailers have a unique opportunity to address these concerns by offering flexible financing, clear information on long-term savings, and leveraging government subsidies under Labour’s new green energy agenda.
- Household Investment in Energy Efficiency: Positive Trends
It’s encouraging to see that a significant portion of consumers are considering investments in energy efficiency, with 23% willing to spend up to £499 and 24% between £1,000 and £4,999. Additionally, 15% are ready to invest over £5,000, highlighting an interest in substantial home improvements. However, 22% remain unsure about their investment plans, suggesting room for targeted propositions from energy retailers to help consumers make informed choices.
- Trust in Energy Retailers: A Comparative Advantage
Our latest LCT Tracker data shows that, despite the rapidly changing energy landscape, energy retailers still hold a relatively high level of trust among consumers compared to other institutions like housebuilders, government, and Distribution Network Operators (DNOs). This trust is a crucial asset as retailers look to play a more significant role in the transition to net zero. Consumers increasingly see energy suppliers as potential partners in achieving their sustainability goals, particularly if these suppliers can provide transparent, reliable information and guidance.
- However, according to a report by Energy Systems Catapult[1], this trust is contingent on energy retailers evolving beyond their traditional roles. The report highlights that energy suppliers must radically change their approach—moving away from merely selling energy and towards helping customers make low-carbon choices. This means supporting consumers with retrofitting homes, adopting low-carbon transport, and providing greater flexibility in the energy system. The opportunity is clear: by stepping up as trusted advisors, energy retailers can build deeper, long-term relationships with customers and thrive in a decarbonising economy.
2. Methodology: Robust, Representative, and Customisable
Our LCT Tracker leverages a comprehensive methodology, engaging over 5,000 consumers per wave, including regional boosts from our partners to ensure a representative sample. For retail partners, there is an option to create a separate module of questions tailored to their specific needs, providing unparalleled insights at great value for money due to the syndicated nature of the project.
3. Why Should Energy Retailers Engage with the LCT Tracker?
Energy retailers are investing in low-carbon technologies like heat pumps and electric vehicles, but understanding and addressing the barriers customers face is crucial to driving adoption. Engaging with the LCT Tracker provides essential insights into consumer behaviours and preferences, enabling retailers to develop propositions that help customers overcome challenges and move confidently toward net zero.
With Labour’s green agenda set to reshape the energy landscape, staying informed is more important than ever. By participating in the next wave of our LCT Tracker, energy retailers can gain the insights needed to navigate these changes confidently. The LCT Tracker allows retailers to create targeted, outcome-based offerings, such as flexible financing or bundled services, that meet specific customer needs. This positions energy retailers as trusted partners in the sustainability journey, enhancing customer satisfaction and loyalty while driving growth in a competitive, sustainability-focused market.
Interested in participating?
Click here to fill out our interest form or contact Tom Gould directly at tom.gould@impactmr.com for more details on how the LCT Tracker can provide tailored insights for your business.
[1] See Energy Systems Catapult article: Energy retailers must evolve for net zero – Energy
Systems Catapult