Consumers willing to pay for energy monitoring if guaranteed savings

Dallas, Texas. October 5, 2010. In a new residential energy management report, Parks Associates reports 15-20 percent of U.S. consumers are very willing to pay a $5-$10 monthly subscription fee for a service promising 10 percent savings on their energy bill. 

Residential Energy Management: Consumer Classifications and Mindset finds smartphone owners and those with do-it-yourself security cameras are among those consumers much more likely to sign up for energy management services or purchase energy-saving products. Nearly 30 percent of consumers subscribing to professionally monitored security services indicated that they are very willing to pay for these solutions.

“With household electricity bills increasing by over 10 percent, consumer interest in energy savings is high, and utilities, control system manufacturers, and service providers are looking to leverage that demand,” said Bill Ablondi, director, home systems research, Parks Associates. “Current solutions with the best chance for success cross platforms and combine multiple functions. For example, ADT is including an iPhone app with its home surveillance systems, which can be used to adjust lighting and thermostats as well as check security settings.”

Product ownership and service subscriptions were much better predictors than demographic attributes and home ownership regarding who is likely to adopt energy management systems and services. Parks Associates’ new white paper “Consumer Attitudes and the Benefits of Smart Grid Technologies” includes a topline discussion on these topics.

“The next step in our research is to probe factors motivating consumers to adopt energy management systems and services,” Ablondi said. “Our next research project, Residential Energy Management: Consumer Motives, Actions, and Intentions, in 4Q 2010 will identify benefits relevant to different segments of the consumer market as well as who they trust to provide these solutions and how best to deliver the message to them.”

For more information about Residential Energy Management: Consumer Classifications and Mindset, visit http://www.parksassociates.com.

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