Thursday, September 30, 2010

Consumers Willing to Pay for Energy Monitoring Services if Guaranteed 10% Savings, Earliest Adopters are Smartphone Users and Security System Owners

Parks Associates to launch major consumer energy research project in 4Q 2010

In a new Residential Energy Management report, Parks Associates reports 15-20% of U.S. consumers are very willing to pay a $5-$10 monthly subscription fee for a service promising 10% savings on their energy bill.

Residential Energy Management: Consumer Classifications and Mindset finds smartphone owners and those with do-it-yourself security cameras are among those consumers much more likely to sign up for energy management services or purchase energy-saving products. Nearly 30% of consumers subscribing to professionally monitored security services indicated that they are very willing to pay for these solutions.

“With household electricity bills increasing by over 10%, consumer interest in energy savings is high, and utilities, control system manufacturers, and service providers are looking to leverage that demand,” said Bill Ablondi, director, home systems research, Parks Associates. “Current solutions with the best chance for success cross platforms and combine multiple functions. For example, ADT is including an iPhone app with its home surveillance systems, which can be used to adjust lighting and thermostats as well as check security settings.”

Residential Energy Management Research

Product ownership and service subscriptions were much better predictors than demographic attributes and home ownership regarding who is likely to adopt energy management systems and services. Parks Associates’ new white paper “Consumer Attitudes and the Benefits of Smart Grid Technologies” includes a topline discussion on these topics.

“The next step in our research is to probe factors motivating consumers to adopt energy management systems and services,” Ablondi said. “Our next research project, Residential Energy Management: Consumer Motives, Actions, and Intentions, in 4Q 2010 will identify benefits relevant to different segments of the consumer market as well as who they trust to provide these solutions and how best to deliver the message to them.”

For more information about Residential Energy Management: Consumer Classifications and Mindset or Parks Associates’ Residential Energy Management project, visit http://www.parksassociates.com or contact 972-490-1113, sales@parksassociates.com.

Parks Associates is hosting Smart Energy Summit: Engaging the Consumer on January 25-27, 2011, with keynotes from George Arnold, National Coordinator for Smart Grid Interoperability, National Institute of Standards and Technology, U.S. Department of Commerce, and Andres Carvallo, EVP, Chief Strategy Officer, Grid Net. This event is the premier conference studying the market for residential energy management and smart grid technologies. www.smartenergysummit2011.com

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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