Consumer research highlights shifting consumer perspectives
on managing their energy consumption
DALLAS, April 25,
2024 /PRNewswire/ -- Parks Associates' home
energy management research reveals more consumers who churn from a
utility program report low awareness or availability, rather than a
lack of interest. Only 11% of past DR program users churned because
they were uncomfortable during DR events, compared to 25% in Q4
2021. Leading churn factors were consumers reporting the DR program
was no longer available (29%) or that the incentive was too low
(25%). The number of churners who were unaware they had enrolled
jumped from 6% in Q4 2021 to 14% in Q4 2023, further highlighting
the need for better communication between consumers and their
utilities.
Home Energy Management: Generation, Consumption, Demand
Response examines trends and consumer interest in energy
monitoring solutions, home solar, battery storage, and DR programs.
The research tracks the expansion of smart home and smart energy
devices into the mainstream and measures the impact on the energy
market and utility business strategies.
"It is concerning to see even a small percentage of consumers
report they had no awareness of being enrolled in a program AND
that many utilities don't offer DR programs whereas they had
before," said Jennifer Kent, VP,
Research, Parks Associates. "Utilities, energy providers, and smart
thermostat OEMs must earn and keep the trust of customers, and this
starts with transparent messaging and clear information."
DR program names, benefits, and branding often change, which
causes confusion among consumers. Currently 80% of smart thermostat
owners do not participating in a DR program, and utilities and
energy providers need to deliver a mix of education, tailored
incentives, and user controls to engage these households and give
them confidence about program administration.
"The most immediate opportunity lies in helping consumers make
small, accessible changes that can help them save on their energy
costs," Kent said. "Partnerships between smart home and energy
players will increase the value of energy management solutions
beyond cost savings, generating more interest in purchasing and
more meaningful use of connected products for energy use
cases."
Parks Associates will address shifts in the energy and smart
home markets at its upcoming CONNECTIONS™: The Premier Connected
Home Conference, hosted May 7-9 at
the Hilton Dallas/Plano Granite Park
Hotel in Plano, TX. The conference
features a keynote from Jim
Nye, Chief Product Officer, Vivint, on Wednesday, May 8, at 11:30
AM.
CONNECTIONS™ sponsors include Cox Communities; Nice;
Cardinal Peak, an FPT Software Company; Ivani; Kaadas Smart Locks;
Kwikset; Rapid Response Monitoring; SkyBell; Ubiety Technologies;
Alarm.com; Shelly; SmartThings; Becklar; Schlage; Calix; Johnson
Controls; bluesalve partners; Midea
America; Cognitive Systems; RSPNDR; Savant; Trident IoT;
Xailient; Affiliated Monitoring; Moen; Origin; VectorSolv; and the
Z-Wave Alliance.
To schedule an interview with an analyst or to request specific
data, please contact Mindi Sue
Sternblitz-Rubenstein at 376758@email4pr.com or
972-490-1113.
About Parks Associates
Parks Associates, a
woman-founded and certified business, is an internationally
recognized market research and consulting company specializing in
emerging consumer technology products and services. Founded in
1986, Parks Associates provides business intelligence and research
services through its proprietary methodologies developed over
decades, including quarterly surveys of 10,000 internet
households.
The company's expertise crosses many industries: home security
and smart home, streaming video, broadband and pay-TV services,
digital media and platforms, gaming, Wi-Fi and home networks,
connected health, support, consumer electronics, home control
systems, energy management, and tech solutions for the
multi-dwelling (MDU), small-to-medium business (SMB), and
commercial building markets.
Each year, Parks Associates brings thousands of leaders together
for its webinars and annual events. The firm hosts the annual
executive research and strategy conferences CONNECTIONS™, Connected
Health Summit, Smart Energy Summit, Smart Spaces, and Future of
Video. https://www.parksassociates.com
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SOURCE Parks Associates