It’s been said that millennials are the culprit in declining demand for Applebee’s, banks, and cars; in fact, millennials are even blamed for dismantling consumerism itself. As a generation, we are familiar with and actively embrace creative destruction, pursuing and supporting newer, more customizable and convenient solutions. It’s why Americans carry iPhones, hail a Lyft to the office, and learn to cook from Blue Apron. And it’s why our energy system will be cleaner and more flexible in the future.
Since the New Deal, the electric industry in the United States has been virtually unchanged. Large companies operate large, mostly-fossil-fired electricity generation facilities; consumers buy electricity from whatever sources are provided in their state at a price established by the public utility commission. The system relies on incumbents and is insulated from both evolving technology and consumer interests. Such an approach provided reliable, affordable power over the last 80 years, but today technologists are being shut out of the market, utilities have grown sluggish without competition, and consumers are deprived of choice, committing their dollars to an out-of-date system. This industry is begging for a shake-up.
Millennials are more motivated than any other generation to access cleaner sources of energy and through different means. A 2016 Rock the Vote poll found that, by a margin of eight to one, millennials want to transition to mostly clean or renewable energy by the end of the next decade – and they’re prepared to vote with their dollars.
In a report last year, Accenture revealed that 80 percent of millennials would like an in-home digital assistant that can monitor energy usage and suggest customized products and services. 56 percent are likely to purchase solar panels in the next five years.
This does not just reflect left-leaning millennials, either. Polling from the Conservative Energy Network found that 79 percent of Republican base voters prioritize policies for community renewable energy projects, 73 percent support better data access for consumers that want more control over their own electricity demand, and 72 percent want more action in the U.S. to develop and use clean energy.
To these Americans, clean energy means growth and opportunity. The solar and wind industries report 20 percent employment growth year-over-year, a rate 12 times higher than the economy as a whole. Prices are falling fast, driving more investments in renewable technologies than fossil technologies world-wide, even in energy-starved places like India.
The three cheapest forms of energy are now wind, solar PV, and combined cycle gas – in that order – according to latest estimates from Lazard. Moreover, renewable energy liberates communities from the costs – both financial and environmental – of fossil fuels and perpetual dependence upon their electric utility.
The public will is there, but not yet the public policy.
This week, National Clean Energy Week, highlights common sense solutions that will help consumers gain access to the forms of energy they want through means that are most convenient. Policy makers and advocates will discuss a wide variety of opportunities to better leverage the free market, mobilize eager consumers, improve diversity and reliability in the electric grid, and shift government policy from restraining choice to expanding opportunities.
Expect this conversation to deliver something new. More than ever, conservatives are stepping out to put clean energy at the center of the policy agenda. 34 GOP members of the House of Representatives have either joined the bipartisan Climate Solutions Caucus launched by Rep. Carlos Curbelo (R-FL-26) or co-sponsored Rep. Elise Stefanik’s (R-NY-21) resolution in favor of conservative environmental stewardship. Under the leadership of Chairman Greg Walden (R-OR-2), the House Energy and Commerce Committee is exploring how federal authorities help or hinder modernization and technology uptake in the electric system. In the Senate, Susan Collins (ME), Lindsey Graham (SC), and John McCain (AZ) cast the deciding votes to preserve regulatory authority over oil and gas operations on public lands.
On college campuses, more than 40 College Republican, American Conservation Coalition, Young Americans for Freedom, and Turning Point USA chapters will be embracing National Clean Energy Week through events and promotional materials. These conservatives know that a cleaner energy future makes sense – and cents – for Americans.
It’s worth noting the fascinating and fortunate reality that clean energy growth may be on track to help the U.S. reach important greenhouse gas reduction milestones without any further policy intervention. Morgan Stanley expects the U.S. to exceed its commitments to the Paris Climate Accord, reducing emissions more than 26-28 percent below 2005 levels by 2020 based on cost-competitive renewable energy investments. To achieve deeper reductions over the long-term, we’ll need fresh policy perspectives and a market that embraces disruption and actively pursues the solutions of the future.
This generation votes with our dollars and is ready to invest in transformational change, economy-wide. Were it not for the artificial limits imposed by outdated policies, the economic trends that millennials have established would transform the energy sector into one that is more reliable, affordable, accessible, and innovative. Let’s find the policy fixes that update and right-size the footprint of government, put all sources of energy on a level playing field, and maximize the power of individual consumers.
