The purpose of this study is to explore what motivates or discourage customers' intentions to join a loyalty program (LP) in the Swedish energy market. To answer the purpose of the thesis, equity theory and theory of planned behavior (TPB) have been applied to the discussion. In addition, two research questions have been developed. RQ1: What potential perceived benefits of loyalty programs motivate customers' intentions to join a loyalty program in the energy market? RQ2: What potential perceived costs and risks of loyalty programs discourage customers' intention to join a loyalty program in the energy market? To conduct the thesis, a qualitative research approach with an abductive focus in the form of semi-structured interviews was used. By applying a thematic analysis, 19 consumers living in different cities in Sweden were interviewed to explore answers related to RQ1 and RQ2. The results for RQ1 showed that monetary savings, recognition benefits and sustainability benefits motivated customers' intentions to join a loyalty program in the energy market, where monetary savings were considered most valuable.  Exploration benefits and recognition benefits motivated some customers' intentions to join and others not. Social benefits did not motivate customers' intentions to join. For RQ2, the results showed that financial costs and social risks discourage customers' intentions to join a loyalty program in the energy market. Time and data privacy and security issues discourage some customers' intentions to join and others not.  This thesis addresses the research gap concerning loyalty programs in the energy sector by focusing on customers' intentions to join such programs, utilizing equity theory and the theory of planned behavior. It provides new insights into how customers' intentions are influenced by various perceived benefits, costs, and risks associated with joining an LP. Furthermore the study provides actionable insights for energy companies seeking to develop effective loyalty programs. This study emphasizes the importance of monetary savings as the primary motivator for customers to join such programs, ensuring that perceived benefits outweigh costs in line with the equity theory. Additionally, it recommends personalizing recognition, diversifying rewards, simplifying the joining process, ensuring transparency, and integrating sustainability initiatives. By adopting these strategies, energy companies can create compelling loyalty programs that encourage customer intentions to join and engage in the program.