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Energy Management

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Q1 2023

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Energy Management and Services in the Home

 As energy costs rise and outages become more common, consumers seek ways to track their energy consumption, reduce what they use, or generate their own. There is no one-size-fits-all energy solution because habits and trends differ from big families in freestanding homes to singles in apartments. This research examines how customer groups differ in their adoption of devices and programs they use to save energy, money, and avoid blackouts. It includes trending adoption, purchase intention, and shifting consumer perspectives on home solar, energy monitoring solutions, battery storage, and electric vehicles.

Purchase

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Survey Methodology and Definitions

Introducing Energy Monitoring

Executive Summary

Electricity costs are too high

Key demographics reporting electricity costs are too high

Actions Taken to Reduce Energy Consumption

Home Solar PV Systems

Demand Response Program Engagement

Time of Use Program Engagement

Smart Thermostat Ownership

Savings by Estimated Percentage of Bill

Savings vs. Expectations

Average Price Willing to Pay for All Listed Home Energy Consumption Management Services

High Interest in Energy Monitoring Devices

Ratepayers: Trying To Pay Less

Consumers’ Perception Regarding Monthly Electricity Bill

Consumers’ Perception Regarding Electricity Bill by Income

Consumers’ Perception Regarding Electricity Bill by Family Size

Consumers’ Perception Regarding Electricity Bill by Home Size

Energy-Saving Actions Taken Over the Past 12 Months

Energy Saving Actions

Energy Saving Action Segments

Attitudes Towards Home Energy Consumption

Attitudes Towards Home Energy Consumption by Consumer Type

Energy Management Concepts & Willingness to Pay

Valuable Tools of Home Energy Consumption Management

Home Energy Consumption Management Value and Willingness to Pay

Average Price Willing to Pay for All Listed Home Energy Consumption Management Services

Cost You Would Pay for Home Energy Consumption Management Service

Cost You Would Pay for Home Energy Consumption Management Service by Income

Cost You Would Pay for Home Energy Consumption Management Service by Home Size

High Interest in Energy Monitoring Devices

Most Likely to Buy Energy Solutions

Preferred Source of Energy Monitoring Solutions

Preferred Energy Payment Methods

Preferred Payment Methods by Willingness to Pay For Home Energy Management Services

Familiarity with Energy Services and Programs

Type of Electricity Provided by the Provider

Energy Program Use

Energy Program Use Details

Interest in Special Energy Program Enrollment

Required Cost-Saving Amount to Participate in Energy Program

High Familiarity with Energy Programs Offered

EV Owner Familiarity with Special EV Rate Plans

Information Source of Special Plan for EV Owners

Top Motivation to Participant in Demand Response Program

Incentive to Participate in Demand Response Program

Duration of Demand Response Event

Demand Response Event Experience

Reasons for Churning Demand Response Program

Reasons for not Participating in Demand Response Program

Likelihood of Paying for Energy Monitoring Service

Power at Home: Generators, EVs, and Solar Panels

Ownership of Major Home Energy Equipment

Adoption of Battery Storage

Major Home Energy Equipment Ownership by Consumer Type

High Familiarity with Major Home Energy Equipment

High Intention of Purchasing Major Home Energy Equipment

High Intention of Purchasing Major Home Energy Equipment by Consumer Type

High Intention of Purchasing Major Home Energy Equipment by Income

High Intention of Purchasing Major Home Energy Equipment by Home Size

High Intention of Purchasing Major Home Energy Equipment by Attitudes Towards Home Energy Consumption

Selling Solar and Charging EVs

Most Appealing Purchase Channel of Energy Device

Most Appealing Payment Method for Energy Device Purchase

Interest Among Solar Intenders who Prefer to Finance the Equipment (31% of all Intenders)

Interest Among Solar Intenders who Prefer Upfront Purchase of the Equipment (35% of all intenders)

Reasons for Not Purchasing Solar Power Products

Purchase Drivers of Solar Panels

Likelihood of Purchasing a Plug-in Electric Vehicle in the Future

Electric Vehicles Charging Frequency by Locations

Smart Thermostats and How They’re Used

Smart Thermostat Ownership

Smart Thermostat Segments Q4/2022

Smart Thermostat Use Frequency

Reasons for Rarely Interacting with Smart Thermostat

Monthly Energy Saving by Using Smart Thermostat

Consumer Perception Regarding Energy Saving

Estimated Monthly Savings by Smart Thermostat Owner/Users

Smart Thermostat Disposal When Moving Home

Age of Smart Thermostat

Smart Thermostat vs. Traditional Thermostat Purchase Drivers

Overall Smart Thermostat Purchase Intention

Overall Smart Thermostat Purchase Intention Among Those Likely to Move in the next 6 months

Households that Don’t Currently Own or Intend to Purchase a Smart Thermostat

Reasons for Not Purchasing a Smart Thermostat

Factors Increasing Likelihood of Purchasing Smart Thermostat

 Published by Parks Associates
© March 2023 Parks Associates

All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher.

Printed in the United States of America.

Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct. We assume no responsibility for any inadvertent errors.

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