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Lowering Smart Thermostat Costs Will Accelerate Adoption

While there's little room for doubt that the smart thermostat can offer some significant price savings -- even if there are some major concerns about privacy issues as evidenced by Google's recent acquisition of Nest -- reports suggest that the consumer reaction to the smart thermostat is really little more than tepid. But a new study from Parks Associates reveals that there's something that could help fire up the interest in the smart thermostat: An immediate break in utility bills.

The study from Parks Associates, “360 View: Energy & American Broadband Households Consumers” showed that there was indeed some interest in bringing in a smart thermostat into the home, but large numbers weren't going to do so without at least some consideration on the bills. Forty-three percent of respondents would bring in the smart thermostat for a $25 rebate on utility bills. Stepping up to a $50 rebate pulls in 55 percent ready to go, and with a $75 rebate, 62 percent would be willing to bring in the new devices. Moreover, price plays a factor on another front as well: The decision to bring in a new smart thermostat or a new programmable thermostat that doesn't have Internet connectivity. If a smart thermostat costs $50 more than a regular programmable version, only 39 percent would choose the smart thermostat. If the difference is $25, meanwhile, 42 percent will turn to the smart thermostat, showing that a smart thermostat by itself isn't really driving a lot of interest.

Parks Associates' director of energy and home controls research, Tom Kerber, said, “Consumers are interested in smart thermostats but are generally unwilling to pay more for the ability to control a thermostat from a smartphone or computer. Utility incentives that eliminate the price difference between smart and standard programmable thermostats will accelerate adoption.”

From the article, "Lowering Smart Thermostat Costs Will Accelerate Adoption" by Steve Anderson.

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