Including solar and storage in a smart home platform solution offers homeowners and platforms increased flexibility in managing whole-home energy usage. By integrating solar and storage solutions, users can gain real-time data on all their devices, empowering them to make informed decisions about their energy consumption. In our recent Smart Energy Summit virtual session, we explored the latest trends, opportunities, and challenges in the solar power market, highlighting the potential for transforming homes into sustainable energy hubs.
Unveiling Industry Insights
At the event, Parks Associates Research Director, Chris White, provided valuable insights into the solar power market and the exciting prospect of homes becoming sustainable energy hubs. The following key points were discussed:
☀Renewables taking the lead: For the first time, renewables are projected to become the largest source of energy, surpassing coal.
☀Aligning perceptions with reality: Consumer perceptions regarding energy are in alignment with the current reality of renewable energy's growth and adoption.
☀Impact of global events: The ongoing war in Ukraine and Europe is affecting the energy market, highlighting the need for resilient and sustainable energy solutions.
☀Energy players entering the market: The acquisition of NRG and Vivint demonstrates that energy players themselves are actively entering the solar power market.
☀Anticipating future changes: Parks Associates remains excited about tracking the imminent changes and developments in this dynamic industry.
Chris White also presented findings from the industry report "Solar and Storage: Opportunities in the Smart Home." This report explores how solar and storage providers are leveraging innovative solutions to help consumers save money, meet rising energy demand, and reduce their environmental impact. Key aspects covered in the report include:
⚡Adoption and purchase intentions for solar and storage solutions
⚡Perception of energy costs and renewable energy resources
⚡Industry trends and emerging market opportunities
⚡Five-year forecast of home solar photovoltaic systems and battery storage
Fireside Chat: Energy Orchestration and Consumer Impacts
Sadia Raveendran, VP of Industry Solutions at AutoGrid, joined Jennifer Kent, Ph.D., our VP of Research for a Fireside Chat. They delved into topics such as energy orchestration, the Virtual Power Plan Partnership by the Rocky Mountain Institute, the impact of electric vehicle adoption on consumers, and more. Key highlights from their conversation included:
💡Flexibility in energy supply and demand: Energy orchestration plays a pivotal role in delivering flexibility to the grid when it's most needed, with a focus on both supply and demand.
💡Machine learning for available flexibility: Utilizing machine learning techniques, assumptions can be made from data to calculate available flexibility, simplifying the customer experience.
💡Considering utility and customer perspectives: Achieving policy goals requires understanding how utilities perceive flexibility and how customers value it. Organizational change is crucial but takes time to implement across the board.
💡The evolving EV and storage market: The potential cannibalization of the home storage market by the growing EV industry is an intriguing aspect that deserves attention.
Industry Panel: Solar Power, Battery Technology, and Grid Integration
The session continued with a panel discussion featuring industry experts who shared insights on solar power market changes, battery technology advancements, and the integration of devices and systems with the electrical grid. Key points from the panelists' discussions included:
🔋 Tax incentives driving battery storage: New tax incentives have made including batteries in solar systems more enticing, which, in turn, increases revenue per installed system.
☀ Economic impact on solar solutions: As the economy tightens, downward pressure on solar solution growth is expected.
🛒 Rising energy costs and EV sales: Energy cost concerns and grid stability issues will intensify with the rise in electric vehicle sales and associated home charging installations, fostering the growth of energy cost-reduction products and services.
Insights from Quantified Consumer Research
Our Research Director, Chris White, drew insights from our Quantified Consumer report, "Energy Management and Services in the Home." This research explores how different customer groups adopt various devices and programs to save energy, reduce costs, and avoid blackouts. Key findings include:
🔑Adoption patterns among customer groups
🔑Programs used for energy savings and blackout prevention
🔑Emerging trends in home solar, energy monitoring solutions, battery storage, and electric vehicles
Industry Players' Perspectives
During the session, industry players shared their valuable insights on the topic:
Steven Blumenfeld, Senior Director, EV Vertical Lead, Arcadia, emphasized the importance of unified energy usage storytelling, personalized insights, and addressing challenges related to fleet and shared charging. 💡
Anne Ferguson, Chief Marketing Officer, Nomo, highlighted the need for continued efforts to break barriers to solar adoption and the opportunity to introduce consumers to the trifecta of EVs, solar, and storage. 🌞
Austin Kennedy, Strategic Sales Manager, Alarm.com, discussed the advantages of providing a platform experience for consumers, enabling the integration of demand response programs and peak smart thermostat management. ⚡
Troy Morgan, CEO & Founder, PanTech Design, emphasized the increasing adoption of high-end technology in the luxury market and the importance of staggered EV charging for optimized circuit management. 🚗
We hope this session and the research findings have provided valuable insights into the transformation of homes into sustainable energy hubs. As the solar power market evolves, leveraging solar and storage solutions becomes increasingly crucial for saving costs, meeting rising energy demand, and reducing environmental impact. To explore these topics further, we encourage you to dive into our industry report, "Solar and Storage: Opportunities in the Smart Home," and our Quantified Consumer research on "Energy Management and Services in the Home."
Remember, learning is a continuous process, and we are committed to providing you with the latest research and insights in the ever-changing landscape of home energy transformation.