Tuesday, July 18, 2017

Offering $100 rebate more than doubles purchase intentions for smart thermostats

New report shows only 30% of consumers believe that smart thermostats are affordable

Parks Associates today announced a new industry report revealing only 30% of consumers believe that smart thermostats are affordable and only 18% of consumers would purchase one of these devices at $250. Smart Home-Utility Partnership Opportunities notes that offering a $100 rebate more than doubles the percentage of homes that intend to purchase one of these products.

“Given the benefits of smart products to both energy efficiency and demand response, utilities are providing incentives to consumers to accelerate smart thermostat adoption,” said Patrice Samuels, Senior Analyst, Parks Associates. “A rebate program that refunds $100 to the consumer would expand the percentage of households interested in buying a $250 thermostat from 18% to 40%.”

Smart Programmable Thermostat Product Overview | Parks Associates

Parks Associates also recently released its 360 View Update: Incentivizing Energy Efficiency in the Smart Home, which shows that low familiarity and high prices have so far been obstacles for smart thermostat adoption. The research reveals only 40% of broadband households are familiar with smart thermostats and only 11% own one.

“The market for smart thermostats is still in the early adopter phase, so lower cost products are needed to expand beyond early adopters,” said Tom Kerber, Director of IoT Strategy, Parks Associates. “A combined EE/DR program such as that implemented by ComEd can have a dramatic impact on adoption. Households in the ComEd territory have purchased smart thermostats at a rate 50% higher than the national average during the past year.”

360 View Update: Incentivizing Energy Efficiency in the Smart Home tests different incentives promoting energy activities among consumers, from products to cost savings to information, to identify the right messaging, approach, and context that create consumer awareness, interest, and adoption of different energy management offerings. It also reveals the connections consumers make between energy and the smart home.

Smart Home-Utility Partnership Opportunities examines how smart products and smart home systems can be leveraged to enhance home energy management. This report assesses consumer demand for energy management and how it impacts the energy industry and smart device companies. It evaluates how the various industries involved can cooperate to better meet consumer demand.

For more information on Parks Associates research or events, visit www.parksassociates.com, or contact sales@parksassociates.com, 972-490-1113. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at julia.homier@parksassociates.com, 972-490-1113.

About Parks Associates: Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.

The company's expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com

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