Nearly half (48%) of UK consumers are willing to pay more towards investment in renewable energy and tackling climate change.

That’s despite almost 30% of people saying their energy bill is the one they worry about the most – more than their mortgage payments (18%) and food bills (9%), according to a new survey.

It also revealed a lack of understanding when it comes to energy bills, with just 12% of consumers having a full understanding of where their money goes.

Tony Ward, Head of Power & Utilities at EY said: “Despite recent price reductions, it remains the case that consumers are still more concerned about affording their home energy costs than other key expenses such as mortgage.”

Overall, nearly half (48%) of the 2,000 people surveyed were willing to pay more if they were clear on what the funding was supporting, including receiving a better service or installing insulation measures.

Mr Ward added: “Our survey reveals a perhaps surprising degree of willingness to pay more for our energy. But only when the purpose is clear there is a strong link to investment for the future health of our energy system.”

Huong Truong