Millennials demand eco-friendly energy solutions

There has been a growth in worldwide interest in adopting renewable energy technologies, where many governments are offering subsidies and investing in research in areas where cleaner technologies can effortlessly meet everyday demands. 

The solar market remains the most dominating, where the PV market is expected to grow 14.9 per cent to be worth $286.3 billion by 2023. Its market value is $137.8 billion, and strong investment can be seen in the sector as the production cost decreases. 

Some of the issues in the PVs and solar energy sector are the change in cloud cover, irradiance, and the applicable cash flow. Research towards versatile energy carriers like hydrogen to reduce emissions and provide long-term energy storage can help modify the energy play across regions. 

The researchers find that clean hydrogen can still be very expensive to deploy across regions, and the price may not decline even in a decade; however, growing awareness and customer support can promote the deployment of such energies.

Millennials change car and homeownership trends.

The US survey on home buying conducted on 2,000 young adults aged 22 to 37 finds that 65 per cent of the homeowners felt it was a choice and not a necessity, and about 15 per cent regretted purchasing the home. 

Similar trends can be found in the UK, where millennials are not buying homes like their predecessors. Over 75 per cent of the young respondents claimed that they could not afford to buy and have not saved to buy a home, while 40 per cent said that even if they had the money, they would prefer to rent over own.  

A similar trend can be seen in the case of car ownership, where the millennials mostly drive the car on rent or use mass transit instead of owning a traditional private car. 

These choices are driven by several factors where the generation avoids buying things that harm the environment. The generation prefers to live in urban areas and is less likely to marry by 35, and their choices create a net reduction in vehicles owned per household.

The new buyers are climate-conscious and seek environmentally friendly products. They want their governments to make policies to ensure better living conditions in a climate-friendly atmosphere. 

The new-age buyers seek modes of transportation based on eco-friendly technologies. Still, one of the biggest barriers towards growth in the popularity of such technologies is the poor support by the government, where federal financial incentives are unavailable for supporting the use of alternative systems.

The lack of charging stations for electric cars is one of the biggest problems. Buyers of EVs are most restrained by the lack of charging stations in their locations. The cost dilemma and ease of use, as well as the lack of proper knowledge, are some major issues in the adoption of greener solutions.