Providing market intelligence for more than 35 years

Energy Management

We're here to lead the way in helping our clients navigate change for lasting success

Q1 2024

Quantified Consumer

Home Energy Management: Generation, Consumption, Demand Response

Rising energy costs and concerns about grid reliability prompt consumer interest in better managing their energy consumption. Utilities and energy providers seek to ramp up engagement in demand response programs and look for new opportunities to provide services to the home. This research examines how smart home and smart energy devices are moving into the mainstream and the opportunities that move opens for manufacturers, energy providers, and other industry players.  It includes trending adoption, purchase intention, and shifting consumer perspectives on energy monitoring solutions, home solar, battery storage, and demand response programs.

Key questions addressed:

  1. To what extent are internet households impacted by rising energy costs?
  2. Has familiarity with energy programs and energy devices increased?
  3. What is the current adoption of energy devices, including smart thermostats, home solar, home battery storage, and electric vehicles?
  4. How are consumer perceptions of utility programs changing? Has participation in demand response grown?
  5. What is the interest in next-gen solutions, such as whole-home monitoring and solar/storage systems?
  6. Are smart thermostats and solar systems meeting consumer expectations?

 

Purchase

Download Table of Contents (PDF)

Survey Methodology and Definitions

Key Terms and Definitions

Introducing Energy Monitoring

Executive Summary

Avg. Monthly Electricity Expenditure

“I actively work to reduce my energy consumption at home.”

Smart Thermostat Ownership

Demand Response Participation

Consumer Demand for Better Energy Insights

Top 4 Valuable Tools of Home Energy Consumption Management

Monitoring Home Energy Usage Through Other Applications

Ownership of Major Home Energy Equipment

Vehicle Purchase Intentions: 12 Month Outlook

Type of Vehicle Intenders

Incentive for Solar Purchasing

Solar Purchase Intentions

Battery Storage Adoption

Energy Costs and Consumption

Average Monthly Expenditure

Average Electricity Price to Residential Customers

Consumer Perception of Monthly Electricity Bill

Consumer Perception of Monthly Electricity Bill by Income

Consumer Perception of Monthly Electricity Bill by Family Size

Consumers’ Perception Regarding Electricity Bill by Home Size

Attitudes Towards Home Energy Consumption

Not Enough Time/Info to Reduce Energy By Households with Kids

Current Integration of Multiple Smart Home Devices Work Together

Purpose of Smart Home Device Integration

Smart Thermostats: Adoption, Intentions, Estimated Savings

Smart Thermostat Adoption and Recent Purchases

Overall Smart Thermostat Purchase Intention

Overall Smart Thermostat Purchase Intention among Those Likely to Move in the next 6 Months

Overall Smart Thermostat Purchase Intention among Those Likely to Start a Home Renovation in the Next 6 Months

Net Promoter Score: Smart Energy Devices

Smart Thermostat NPS, Trending

Energy Services and Demand Response Programs: Familiarity and Engagement

High Familiarity with Energy Programs Offered

Adoption of Energy Programs

Energy Program Use

Energy Program Use Details

Demand Response Program Use Details

Top Motivation to Participant in Demand Response Program

Incentive to Participate in Demand Response Program

Estimated Number of Demand Response Events Called in Past 12 Months

Duration of Demand Response Event

Demand Response Event Experience

Reasons for not Participating in Demand Response Program

Barriers to Demand Response Participation by Gender

Barriers to Demand Response Participation by Age

Reasons for Churning Demand Response Program

Products Consumers are Willing to Adjust Themselves During Peaks

Products Consumers Will Allow Manufacturer or Utility to Adjust During Peaks

Willingness to Adjust Products During Peaks, Among Smart Product Owners

Likelihood of Allowing Electricity Provider to Adjust Thermostat with Incentives

Interest in DR program incentives by Age and Households Income

Energy Monitoring: Preferences and Concepts

Receive Electricity Consumption Breakdown from Energy Provider

Frequency of Reviewing Consumption Breakdown

Electricity Consumption Breakdown Review Methods

Information Reviewed by Methods of Reviewing Energy Breakdown

Monitoring Home Energy Usage Through Other Applications among All US Internet Households

Monitoring Home Energy Usage Through Other Applications among Owners of Specified Devices

Valuable Tools of Home Energy Consumption Management

Interest in Energy Management Tools, by Current Use of Provided Consumption Breakdowns

Interest in Energy Management Tools, by Smart Home Device Adoption

Interest in Energy Monitors

Preferred Energy Consumption Solutions

Preferred Energy Consumption Solutions by Demographic

Likelihood of Purchasing Pro-Install Retail-Time Energy Monitor

Power at Home: EVs, Solar, Smart Electric Panels

High Familiarity with Major Home Energy Equipment

Ownership of Major Home Energy Equipment

High Intention of Purchasing Major Home Energy Equipment

Vehicle Purchase Intentions: 12 Month Outlook

Type of Vehicle Intenders

Selling Solar and Storage

Solar Panel Purchase Motivation

Purchase Drivers of Solar Panels

Solar Panel Acquisition Method

Satisfaction Level with Solar Purchase and Performance

Reasons for Not Purchasing Solar Power Products

Incentive for Solar Purchasing

Solar Ownership Among EV and Smart Thermostat Owners

Solar Purchase Intentions Among EV and Smart Thermostat Owners

Adoption of Battery Storage Among Solar PV Owners

Frequency of Using Home Battery to Power Home

Home Battery Purchase Timing

 Published by Parks Associates
© March 2024 Parks Associates

All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher.

Printed in the United States of America.

Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct. We assume no responsibility for any inadvertent errors.

Newsletter

The Parks Points Newsletter Features All Aspects Of Our Research, Including Smart Home, Iot Devices, Entertainment And Digital Media, Security, Energy, Health, And Consumer Data.