Looking Ahead: 2024 Industry Trends to Keep an Eye On

Published on: January 22, 2024

 Looking Ahead: 2024 Industry Trends to Keep an Eye On

Happy New Year! Are you pumped for the opportunities that await? We hope so! We gazed into our Energy Industry Crystal Ball to see how the efficiency tides are turning. Here are three key areas to focus on as you lay out your agenda for the next 12 months.

Electric Vehicles Are the Present and Future

Recent reports about declining sales and some auto manufacturers’ announcements that they’ve delayed their EV production plans might have you thinking that maybe gas vehicles are here to stay after all. But these developments seem to be blips on the radar rather than indicative of larger trends. In fact, Kelly Blue Book reported that electric vehicle sales jumped 49% year over year in the first three quarters of 2023. The International Energy Agency forecasts that by the end of 2023, EV cars will account for 18% of all auto sales.

So, you definitely want to keep your sights set on the EV horizon. Encourage customers to make the switch to electric transportation with checkout discounts and program incentives that maximize their buy-in, such as a rebate on a wall charger and installation services. You could even throw in an LED flood light for residential garages or a downlight for canopies or public garages. Top it off with pipe wrap as part of the package to keep garages the place where efficiency happens.

The Weather Will Be Nuts

Summer 2023 brought record heat and drought, and weather experts predict much of the same for next year, especially with El Nino paying us a visit. The bad news? Heating and cooling systems will continue to be heavily taxed. The good news? Improved technologies help to continue to bring down the cost of renewable energy, so now is the time to invest even more in smart grids and advanced metering systems. Additionally, residential and commercial customers will appreciate products to help them conserve water, save on their lighting bill, and boost the efficiency of their heating and cooling systems.

Home Improvements and DIY Are Here to Stay

Thanks to the Inflation Reduction Act’s Home Energy Rebates programs, states have access to nearly $9 billion of funding for home energy efficiency and electrification projects. To help reach homeowners across the country, utilities and other organizations, like Community Action Agencies, can see what funding is available in their state to help implement these programs. Through a smorgasbord of program options, customers could get reimbursement or assistance with everything from installing solar panels to replacing their natural gas furnace with a heat pump. You can sweeten these deals even further by adding in rebates for crazy efficient shower systems or smart thermostats.

Onward and upward to 2024! Let us be your business partner and advocate this year. Get in touch!