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Jan 11, 2018

Only 30% of consumers believe that smart thermostats are affordable

IoT research workshop addresses consumer adoption of smart energy and the role of incentives in expanding engagement in residential energy management

Smart energy research by international research firm Parks Associates reveals only 30% of U.S. broadband households believe that smart thermostats are affordable and only 18% of consumers would purchase one of these devices for $250, the historic price point for products such as Nest, ecobee, and Honeywell Lyric. Parks Associates will present consumer research and strategies to increase adoption of smart energy solutions during the research workshop “The Role of Energy Providers in the Smart Home” prior to the start of the ninth-annual Smart Energy Summit: Engaging the Consumer.

“Utilities are actively working with device manufacturers to drive adoption of energy-saving solutions,” said Tom Kerber, Director, IoT Strategy, Parks Associates. “Smart thermostats have demonstrated significant energy savings, and financial incentives have a dramatic impact on the value judgement made by consumers. Offering a $100 rebate on a smart thermostat more than doubles the percentage of homes that intend to purchase the product.”

Consumer Attitudes and Ownership: Smart Thermostats | Parks Associates

The research workshop takes place Monday, February 19, and includes detailed findings from Parks Associates’ consumer and industry studies on the smart home, IoT, and energy management markets.

Topics for the workshop include:

  • Crossing the Chasm: Smart Home Solutions
  • Expanding Adoption
  • Incentivizing the Smart Home
  • Whole Home Energy Efficiency
  • Utility Role in the Smart Home
  • Moving into the Smart Home
  • Time-of-Use and DR Incentives
  • Successful Rollout of TOU
  • HVAC Maintenance Services
  • Energy Providers and HVAC Services
  • Solar and Storage
  • Moving the Residential PV Market Forward

The 2018 Smart Energy Summit, which will be held February 19-21 at the Omni Austin Downtown in Austin, Texas, includes keynotes by executives from Itron and Meritage Homes. The event will feature more than 300 high-level executives in an intimate networking environment and the agenda includes keynotes, presentations, and speaker panels from experts in energy management, with discussions on current technologies and consumer research. Conference sponsorsinclude Rapid Response, Affinegy, Alarm.com, Austin Energy, Carrier, Innotrail, Powerley, Trusource Labs, The Weather Company, and Whisker Labs.

Parks Associatesis accepting press pass requests for Smart Energy Summit: Engaging the Consumer at www.parksassociates.com/ses-presspass. To speak with an analyst or request specific research data, contact Julia Homier at Julia.homier@parksassociates.com or 972-996-0214.

About Smart Energy Summit

Smart Energy Summit: Engaging the Consumer addresses the evolution of the consumer utility market, the impact of COVID-19 on energy management programs, and new opportunities to drive engagement in utility-sponsored programs. Virtual panels and networking sessions, featuring executive-level experts from multiple industries, address strategies for utilities, service providers, retailers, software providers, and manufacturers to expand and monetize energy management and other energy-focused offerings through consumer engagement, new business models, unique partnerships, and innovative technologies.

Smart Energy Summit features an in-person conference February 13-15 at the Omni Austin Hotel Downtown, with virtual sessions on June 15, August 17, and November 9. The summit agenda features leaders from utilities, state and national regulators, telecom and security companies, retailers, and OEMs. Follow the event on Twitter at @SmartEnergySmt and #SmartEnergy23. For information on speaking, sponsoring, or attending Smart Energy Summit, visit www.smartenergysmt.com.