Parks Associates announced new home energy management data from The Evolution of Home Energy Management showing 70% of U.S. households with smart energy devices report saving money due to reduced energy consumption. However, the report also notes the difficulty of selling smart energy devices based on cost savings, as 83% of U.S. broadband households do not know the price they are paying for electricity.
“Residential customers today see energy as a necessary expense, and while 62% of U.S. broadband households strongly believe that saving energy and lowering utility bills are important, getting them to pay for these benefits has proven difficult,” said Eddie Accomando, research analyst for Parks Associates. “Electricity does not currently drive customer action, but as the process of energy production changes through DR, solar, and storage innovations, energy management will become a much more significant value-added service within the connected home.”
Parks Associates and industry leaders will discuss the smart home and IoT markets at the 20th anniversary of the firm’s CONNECTIONS Conference, May 24-26, in San Francisco. Matt Eyring, chief strategy and innovation officer of Vivint Smart Home, will present a keynote addressing the changing landscape for smart home and entertainment products and services in the connected consumer and IoT markets.
The ability to aggregate and analyze consumer energy data can put companies ahead of the curve in the energy sector of the connected home, according to Parks Associates, and many companies are forming strategic partnerships today in order to leverage the increasing amount of data. For example, Comcast and WeatherBug Home announced a partnership in February 2016, where WeatherBug Home will provide data and analytics for Xfinity Home’s energy-saving tool, EcoSaver.
“Consumer data on energy usage is invaluable in guiding new smart home business models, and companies that can leverage this data in the IoT to deliver comfort, control, and convenience to consumers will drive the next wave of connected home platform adoption,” said Accomando.
The Evolution of Home Energy Management presents an overview of home energy management solutions and opportunities enabled by smart products, smart home systems, distributed residential energy generation, and residential energy storage. The report describes how technology will drive the evolution of home energy management.