Tracking demographic and financial trends in renewable energy cooperative membership in Belgium using survey and bank transaction data

Renewable energy cooperatives (RECs) are put forward by the European Union (EU) to transition to an inclusive and sustainable energy market by engaging citizens in renewable energy projects. However, little is known about the dynamics of REC membership over time and the difference between new members entering compared to existing members. This study investigates the demographic and financial profiles of members of 25 RECs in Belgium from 2012 to 2022, representing around 100,000 members. Analyzing anonymous transaction data from 1.3 million bank customers, we find that REC members typically have higher wealth, income, and consumption levels than non-members, with the gap widening over time. New members closely match the financial and age profiles of existing members, following the same upward, diverging trajectory, and indicating a trend towards a homogeneous and ageing membership. To diversify REC membership, we conducted surveys with REC members and non-members. The results reveal that potential new members are typically younger and wealthier residents who have better knowledge of RECs and a more pro-environmental mindset. These findings highlight the opportunity for RECs to innovate and engage a more diverse membership of citizens participating in the renewable energy transition.