Smart thermostat ownership reaches 16% of US internet households

Parks Associates announced a new white paper today in partnership with Resideo, “The Power Play: Uniting Smart Devices for Home Energy Management," which highlights the current consumer demand for energy efficiency and strategies to deploy comprehensive, interoperable energy management solutions for US households. Parks Associates’ ongoing quarterly research of 8,000 US internet households shows adoption of smart thermostats increased to 16% by the end of 2022, as 62% of US internet households say their electricity costs are too high.

The white paper examines practical solutions and the latest advancements in smart home technology that contribute to energy management. Examples include smart blinds that adjust automatically to optimize natural light, smart lighting systems that respond to occupancy, and intelligent electrical panels that allow for precise control over home energy usage. The challenge across industries is to create a unified experience for consumers, where multiple devices are interoperable and integrate with utility demand response and time-of-use programs.

“Rising costs are motivating consumers to seek out energy-efficient solutions, but the lack of interoperability between different brands and generations of smart devices poses a significant barrier to effective energy management,” said Jennifer Kent, VP, Research, Parks Associates. “In addition, utilities and energy providers would gain extensive insight and ability to optimize energy usage if energy devices such as solar inverters, smart thermostats, room sensors, and smart blinds work together.”

"Resideo is working with industry groups to help guide interoperability standards adoption that will deepen our whole-home energy management platform, impact electric grid stability and enable simplified electrification,” said Linsey Miller, Senior Vice President, Business Development and Strategic Marketing, Resideo. “The Resideo Energy Management team, together with utilities, providers and other smart appliance brands, can help deliver more comfortable and efficient homes to curb consumer costs and decrease overall energy use.”

"The Power Play" highlights the barriers and opportunities that exist in making optimized whole-home energy management a reality. Beyond detailing technological capabilities, the white paper examines the broader implications for various stakeholders in the energy sector, including the benefits to energy providers, device-makers, and retailers, and charts a course for the future development of these critical technologies. This white paper is a valuable resource for industry professionals, technology enthusiasts, and anyone invested in the future of home energy management. 

For more information, contact Mindi Sue Sternblitz-Rubenstein at mindi.sue@Parksassociates.com or call 972-490-1113

About Parks Associates

Parks Associates is a global research, consulting, and marketing firm with 40 years of experience delivering proprietary consumer data and industry insights for businesses. The firm produces market research reports, forecasts, surveys, and competitive business intelligence on connected consumer, small business, and commercial technologies and related business solutions. A woman-owned and woman-led company, Parks Associates is a trusted partner and advisor to executives, providing custom research, strategic consulting, and forward-looking analysis across smart home, small business, and commercial markets, including security, broadband, entertainment, energy, multifamily, smart buildings, connected health, and emerging AI-driven technologies.

Parks Associates supports industry growth through proprietary research, consulting, and executive networking and convenes thousands of leaders each year through its flagship 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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