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Energy

Home Energy Management: Driving Consumer Engagement and New Revenue

Parks Associates’ research reveals that 20% of US broadband households report the COVID-19 pandemic has increased their interest in smart energy solutions that can help them manage their energy use, cost, and comfort. Energy management programs and smart energy solutions can deliver immediate cost benefits to consumers, but the energy industry has generally been unable to find solutions that trigger widespread engagement among their customer base.

Utilities have tried different strategies over the years to engage consumers, including a range of energy efficiency (EE) programs that leverage smart thermostats and smart meter data to deliver energy and cost savings. Despite these efforts, a large percentage of consumers still do not engage with home energy management solutions.

A variety of factors influence whether or not consumers adopt and use a specific solution, including ease of use and timeliness of information. Utilities must adopt new strategies that can account and adjust for these varying factors. To achieve the capabilities and functionality needed, utilities can leverage the expanding presence of connected assets in the home, such as smart thermostats, smart lighting, and smart plugs, to develop a comprehensive digital strategy that improves adoption of their energy management programs and expands their offerings to generate additional revenue.

Download the firm’s complimentary whitepaper Home Energy Management: Driving Consumer Engagement and New Revenue, developed in collaboration with Cox Communications, to learn more about actors that influence whether or not consumers adopt and use a specific energy management solution as well as the impact of new digital strategies that can help overcome barriers.
 

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