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 helps companies identify new opportunities, refine strategy, and accelerate growth in connected technology markets through data-driven insights and industry expertise. With more than 40 years of experience, the firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, small business, and commercial technology ecosystems. Parks Associates supports clients in navigating evolving markets including AI, security, smart home, broadband, entertainment, energy, multifamily, smart buildings, and connected health.

The firm also fosters industry growth and collaboration by convening thousands of leaders each year through its flagship executive conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video.  Learn more at https://www.parksassociates.com.

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