Parks Associates: 23% of US Broadband Households Reporting Intentions to Purchase a Smart Thermostat in 2019

DALLAS, Oct. 22, 2019 /PRNewswire/ -- Parks Associates research shows 23% of US broadband households are likely to buy a smart thermostat in 2019, which shows purchase intentions remain strong although many households still consider this product too expensive. The firm will host the eleventh annual Smart Energy Summit: Engaging the Consumer, February 17-19, 2020, at the Omni Austin Downtown in Austin, Texas, to examine opportunities for energy providers to convert intentions to actual purchases, the role of DIY, and innovations that could drive broader consumer adoption of energy management.

At Smart Energy Summit, more than 300 industry leaders from utilities, service providers, manufacturers, and technology companies will participate in panel discussions about the impact of direct consumer participation in energy markets and strategies to increase consumer engagement. Early event sponsors are FLO, Rapid Response Monitoring, Trusource Labs, Alarm.com, Austin Energy, Inspire, and Sprosty Network.

"The enthusiasm for this product comes despite most households believing that smart thermostats are not affordable, so the industry has a challenge in driving actual adoption past 11-13% of US broadband households," said Elizabeth Parks, President, Parks Associates. "Utilities and other energy players are experimenting with subsidized offers and product-as-a-service options to expand adoption. At Smart Energy Summit, we will analyze different strategies, highlight factors for success, and discuss the features that can drive greater consumer engagement."

Parks Associates research finds consumers bought roughly 5.8 million smart thermostats in 2018, generating $843 million in revenues. For future purchases, voice control and compatibility with smart speakers are important selling factors. Among households planning to buy a smart thermostat that also own a smart speaker, more than 70% consider it important that the smart thermostat they buy is compatible with their smart speaker.

Smart Energy Summit will feature the following topics:

Technology Driving New Opportunities

• 5G Implementation: Impact on Utilities and Consumers
• DERMS: Moving Beyond Legacy Programs
• Energy Data and the Smart Home: Enhancing the Customer Relationship
• Data Analytics for Grid Planning and Load Forecasting
• Clean Energy: Energy Transformation Trends
• Shifting Models: Defining the Utility of the Future

Consumer Engagement: Smart Home, Demand Response, and Behavior

• Energy Management in the Home: Driving Behavior Changes
• Solar, EVs, and Storage: Addressing Barriers to Adoption
• Utility Marketplaces: Building Customer Relationships
• Consumers and Distributed Energy Resources (DERS): Impact on the Grid
• Community Solar: Smart Energy and Sustainable Home Development
• Home Services Revenue Opportunities
• Effective Approaches to Demand Response: Next Stage of Engagement
• Energy Management Platforms: Adding Value

Parks Associates is currently accepting submissions to speak at www.ses2020.com. To schedule an interview or to request data, contact Sherrelle Lewis [email protected], 972.996.0214.

About Smart Energy Summit

Smart Energy Summit: Engaging the Consumer examines the changing role of utilities and energy providers in the IoT era and offers research and insights on new opportunities to empower consumers with smart solutions to manage and save energy in the home. The conference identifies new business models and technologies that provide opportunities to change the customer relationship and drive engagement and participation in utility-sponsored programs.

Smart Energy Summit will take place February 17-19, 2020, at the Omni Austin Hotel Downtown in Austin, Texas. The summit agenda features leaders from utilities, state and national regulators, telecom and security companies, retailers, and OEMs. Follow the event on Twitter at @SmartEnergySmt and #SmartEnergy20. For information on speaking, sponsoring, or attending Smart Energy Summit, visit www.ses2020.com.

Contact: 
Sherrelle Lewis 
Parks Associates 
972.996.0214 
[email protected]

SOURCE Parks Associates