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:
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
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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.
