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February 5, 2020

Parks Associates: 65% of smart thermostat owners and purchase intenders would pay $10 per month for an energy consumption monitoring service

Exelon, Leviton, PanTech Design, Sprosty Network, and UtilityAPI executives explore new data services and consumer engagement strategies at Smart Energy Summit

New smart energy research from Parks Associates finds 65% of US broadband households that own or plan to purchase a smart thermostat are interested in an energy consumption monitoring service at $10 per month. International research firm Parks Associates will explore new services emerging from the wealth of energy data in the home during the eleventh annual Smart Energy Summit: Engaging the Consumer, February 17-19, 2020, at the Omni Austin Downtown in Austin, Texas.

“Smart home products can collect and send varieties of useful energy-usage data, and utilities can leverage this information to create and deploy new services to their customers,” said Patrice Samuels, Senior Analyst, Parks Associates. “Consumers have shown interest in the ability to check their energy usage in real time, and at Smart Energy Summit, we will explore strategies for energy providers to deliver these engaging solutions to consumers.”

Parks Associates - Smart Thermostat consumer research 

At Smart Energy Summit, more than 300 industry leaders from utilities, service providers, manufacturers, and technology companies will participate in panel discussions that address the current challenges, new services, and incremental shifts utilities are making to leverage connectivity in the home to save energy on the grid. Panel participants will also explore how bundling energy, energy monitoring, and energy management offerings with established service categories provides new value to the consumer and competitive differentiation.

Speakers for the session “Energy Data and the Smart Home: Enhancing the Customer Relationship”:

  • Rand Bailin, Partner, Sprosty Network
  • Justin Berghoff, Director, Business Development & Product Management, Leviton
  • Troy Morgan, CEO & Founder, PanTech Design
  • Daniel Roesler, Co-founder & CTO, UtilityAPI
  • Katie Shrewsberry, Founder, EcoCred, Exelon

“The convergence of energy management and the smart home has created opportunities for energy-related companies to build broader customer relationships that drive business growth,” said Rand Bailin, Partner, Sprosty Network. “Most of our energy clients are concerned that inaction makes it increasingly difficult to respond to growing competitive threats.”

"The market has a growing list of IoT devices that can monitor and provide data for home energy management,” said Troy Morgan, CEO, PanTech Design. “But the critical thing, to make that data actionable and useful for value-added services, is the aggregation of the devices and the intelligence surrounding them."

"There are many local third-party HVAC service providers that customers can use," said Daniel Roesler, Co-founder and CTO, UtilityAPI. "Utilities can benefit from offering tools and increasing engagement with third-party vendors so that customers can more easily transition to and maintain flexible devices required for the smart energy future."

Parks Associates will also host a pre-show research workshop, “Trends and Opportunities in Residential Energy Management,”on February 17, featuring detailed findings from the firm’s consumer and industry studies on the smart home, IoT, and energy management markets.

Event sponsors include FLO, Rapid Response Monitoring, AutoGrid, Bidgely, Copper Labs, Everise, Zen Ecosystems, Alarm.com, Sprosty Network, Austin Energy, Grid4C, and Inspire.

To request data or an interview, contact Elizabeth Parks, eparks@parksassociates.com, 972-490-1113.

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.