Factors Influencing Willingness-to-Pay for the Energy Star Label
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In the United States, nearly 17 percent of greenhouse gas emissions come from residential energy use. Increases in energy efficiency for the residential sector can generate significant energy savings and emissions reductions. Consumer labels, such as USEPA’s Energy Star, promote conservation by providing consumers with information on energy usage for household appliances. This study examines how the Energy Star label affects consumer preferences for refrigerators. An online survey of a national sample of adults suggest that consumers are, on average, willing to pay an extra $249.82 to $349.30 for a refrigerator that has been awarded the Energy Star label. Furthermore, the results provide evidence that willingness to pay was motivated by both private (energy cost savings) and public (environmental) benefits.