A Study of Economic and Social Preferences in Energy-Saving Behavior Using a Structural Equation Modeling Approach: The Case of Romania

Examining the energy consumer behavioral model is critical for national governments and academia. This endeavor seeks to uncover effective solutions amid the energy crisis and climate change challenges. This article delves into legislative developments within the energy sector, European Commission recommendations for reducing energy consumption, and existing constraints impacting individual consumers. By scrutinizing the relevant literature, we aimed to identify and analyze factors that can enhance individual benefits derived from energy savings. Then, a comprehensive set of variables was formulated to model the final consumers’ behavior. Data collection involved administering questionnaires to individual consumers, consumer associations, and energy micro-enterprises in Romania. The gathered data were meticulously analyzed using the Smart-Pls 4 statistical software. Building upon insights from specialized literature, this paper pinpoints the behavioral determinants influencing the reduction in energy consumption. These determinants serve as independent variables shaping the voluntary adoption of measures in lifestyle and behavior among various types of energy users. This study’s findings validate the assumptions presented in this article, highlighting that a reduction in energy consumption is a direct and intrinsic outcome achieved by cumulatively addressing several factors. These factors encompass investments in the energy sector, budget allocation for energy consumption expenditure, adherence to social behavior norms, access to pertinent information about the consequences of the energy crisis, and individual responsibility. Notably, the perception of energy-saving opportunities emerges as a mediator between the independent variables and energy savings with a significant effect. This aspect, developed for the first time in this article, draws inspiration from the prospect theory introduced by Kahneman and Tversky.