New Parks Associates energy research examines influence of incentives on buying behaviors

Energy research from Parks Associates reveals 29% of U.S. broadband households are very familiar with at least one energy program, with product rebates and purchase incentives scoring the highest. 360 Deep Dive: Incentivizing Whole Home Energy Efficiency reports 21% of U.S. broadband households are very familiar with rebates and other incentives associated with the adoption of energy-efficient products.

“Familiarity with energy programs is strongest among affluent homeowners with high energy bills, young early adopters, and the early majority with high energy bills,” said Tom Kerber, Sr. Director, IoT Strategy, Parks Associates. “Their desire to save money on high energy bills mixes with values for energy efficiency to drive awareness among these consumers. The challenge and opportunity for energy providers are in providing the right type of incentive to motivate people from interest to action.”

360 Deep Dive: Incentivizing Whole Home Energy Efficiency examines the best incentives to prompt consumer to adopt energy-efficient HVAC, hot water heaters, pool pumps, and thermostats. Targeting buyers likely to purchase a less efficient product provides strong return on investment, but doing requires companies understand the demographic and psychographic attributes of buyers in order to refine messaging and go-to-market strategies.

Additional research includes:

• 5% of consumers have taken “extreme measures” to reduce their energy consumption.
• Only 45% of consumers that are influenced by incentives would take the incentive if the program were combined with a demand response program.
• 56% of U.S. broadband households believe that it is very important to have an energy efficient home, but only 16% believe that their personal habits are very energy efficient.

Parks Associates recently announced the firm will host the tenth-annual Smart Energy Summit: Engaging the Consumer on February 18-20, 2019, in Austin, Texas. This executive conference addresses the strategies to accelerate change in the utility markets as a result of the increasing breadth and capabilities of smart products entering the home. Information is at www.ses2019.com.

For more information about 360 Deep Dive: Incentivizing Whole Home Energy Efficiency, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at julia.homier@parksassociates.com, 972-996-0202.

About Parks Associates

Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

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