Home Energy Management: Generation, Consumption, Demand Response

Description

SYNOPSIS:

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.

SAMPLE VIEW

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?

"In this push-pull environment, the most immediate opportunity lies in helping consumers make small, accessible changes that can help them save on their energy costs. Smart thermostats and demand response programs fit the bill." - Jennifer Kent, VP, Research, Parks Associates.

ABOUT THE AUTHORS:

Yilan Jiang, Senior Director of Consumer Analytics.

Yilan leads Parks Associates' Consumer Analytics team and manages numerous primary research and custom research across all areas of the consumer IoT, including consumer electronics, entertainment services, voice assistants, and connected home solutions. Yilan conducts consumer behavior analysis to understand market trends, predict consumer demand, and provide quantified market intelligence that guides strategic business decisions. Yilan leads research that provides rich insight into consumer preference and deep analysis of competitive strategies and business models.

Yilan earned her MA in economics from University of Texas at Arlington and BA in economics in Nankai University, P.R. China.

Jennifer Kent, Vice President, Research.

INDUSTRY EXPERTISE: Connected Health, Connected Home Technologies and Services, Connected Entertainment Products and Services

Jennifer manages the research department and Parks Associates' process for producing high-quality, relevant, and meaningful research. Jennifer also leads and advises on syndicated and custom research projects across all connected consumer verticals and guides questionnaire development for Parks Associates' extensive consumer analytics survey program. Jennifer is a certified focus group moderator, with training from the Burke Institute.

Jennifer earned her PhD in religion, politics, and society and an MA in church-state studies from Baylor University. She earned her BA in politics from the Catholic University of America in Washington, DC.

Sharon Jiang, Consumer Insights Manager.

Sharon Jiang is a member of the Consumer Analytics team. She analyzes different kinds of consumer data to extract critical findings of market trending and consumer behavior. She also contributes to the visualization of information to construct consumer reports. In addition, she leads the communication process with venders to provide cost estimates for custom surveys.

Sharon is currently pursuing her Dbl. BSAN MS and MBA degrees at the University of Texas at Dallas. She also earned a master's degree in Accounting at Syracuse University.

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