Monetising behavioural change as a policy measure to support energy management in the residential sector: A case study in Greece

Konstantinos Koasidis, Vangelis Marinakis, Alexandros Nikas, Katerina Chira, Alexandros Flamos and Haris Doukas

Energy Policy, 2022, vol. 161, issue C

Abstract: Energy efficiency from behavioural changes will play a key role in meeting future climate targets. Current energy management actions, however, are still dominated by conventional interventions. Furthermore, demand-side transformations based on behavioural actions are hitherto underrepresented in modelling scenarios informing climate policy. In this context, this study aims to explore whether monetisation of behavioural change should be considered as a policy measure to support energy management in the residential sector. To address this question, ATOM, an energy efficiency reward mechanism based on a digital energy currency, is linked with the Dynamic high-Resolution dEmand-sidE Management model, a bottom-up agent-based model designed to simulate buildings’ energy consumption. A case study in the Greek residential sector, implementing an energy management action associated with manual adjustments of a thermostat, showcases potential for achieving a nation-wide and household-level energy reduction of 5.3% and 10% respectively, with monetisation providing an additional €200 to each engaged household on average. We highlight that monetisation of behavioural change should be considered as a promising policy, since the reward provides an adequate incentive for end-users to actively reduce consumption, and its implementation enables the quantification of behavioural change in monetary units, rendering social aspects easier to integrate in models.

Keywords: Behavioural change; Energy management; Energy efficiency; Digital energy currency; Monetisation; Climate policy (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:161:y:2022:i:c:s030142152100625x

DOI: 10.1016/j.enpol.2021.112759

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