Engineering 101

65% of Smart Thermostat Owners Would Pay $10 Per Month for an Energy Consumption Monitoring Service

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New smart energy research from Parks Associates finds 65% of US broadband households that own or plan to purchase a smart thermostat are interested in an energy consumption monitoring service at $10 per month.

“Smart home products can collect and send varieties of useful energy-usage data, and utilities can leverage this information to create and deploy new services to their customers,” said Patrice Samuels, Senior Analyst, Parks Associates. “Consumers have shown interest in the ability to check their energy usage in real time, and at Smart Energy Summit, we will explore strategies for energy providers to deliver these engaging solutions to consumers.”

Parks Associates: Likelihood of Paying for Energy Consumption Monitoring Service

At Smart Energy Summit, more than 300 industry leaders from utilities, service providers, manufacturers, and technology companies will participate in panel discussions that address the current challenges, new services, and incremental shifts utilities are making to leverage connectivity in the home to save energy on the grid. Panel participants will also explore how bundling energy, energy monitoring, and energy management offerings with established service categories provides new value to the consumer and competitive differentiation.

Speakers for the session “Energy Data and the Smart Home: Enhancing the Customer Relationship”:

  • Rand Bailin, Partner, Sprosty Network
  • Justin Berghoff, Director, Business Development & Product Management, Leviton
  • Troy Morgan, CEO & Founder, PanTech Design
  • Daniel Roesler, Co-founder & CTO, UtilityAPI
  • Katie Shrewsberry, Founder, EcoCred, Exelon

“The convergence of energy management and the smart home has created opportunities for energy-related companies to build broader customer relationships that drive business growth,” said Rand Bailin, Partner, Sprosty Network. “Most of our energy clients are concerned that inaction makes it increasingly difficult to respond to growing competitive threats.”

“The market has a growing list of IoT devices that can monitor and provide data for home energy management,” said Troy Morgan, CEO, PanTech Design. “But the critical thing, to make that data actionable and useful for value-added services, is the aggregation of the devices and the intelligence surrounding them.”

“There are many local third-party HVAC service providers that customers can use,” said Daniel Roesler, Co-founder and CTO, UtilityAPI. “Utilities can benefit from offering tools and increasing engagement with third-party vendors so that customers can more easily transition to and maintain flexible devices required for the smart energy future.”

Parks Associates will also host a pre-show research workshop, “Trends and Opportunities in Residential Energy Management,” on February 17, featuring detailed findings from the firm’s consumer and industry studies on the smart home, IoT, and energy management markets.

Event sponsors include FLO, Rapid Response Monitoring, AutoGrid, Bidgely, Copper Labs, Everise, Zen Ecosystems, Alarm.com, Sprosty Network, Austin Energy, Grid4C, and Inspire.

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