Incentives, discounts, and interest in energy conservation are triggering smart thermostat purchases

New research from Parks Associates finds 23% of US broadband households who recently bought a smart thermostat report that an incentive, discount, or rebate from their energy provider triggered that purchase. The firm’s Smart Product Market Assessment: Smart Thermostats, which identifies key market drivers and barriers and assesses market growth via topline market forecasts, reports that 61% of smart thermostat owners acquired their device less than two years ago.

“Most consumers are somewhat motivated to conserve energy to keep utility bills low,” said Patrice Samuels, Senior Analyst, Parks Associates. “Eighty-four percent of households take some mindful action to reduce energy consumption, including 45% of households who adjust the thermostat to save energy. Smart thermostats’ ability to automate these energy-saving actions drives product appeal. The majority of consumers who do not own a smart product and do not plan to purchase one state that saving money on energy bills, incentives to lower the cost of insurance premiums, or rebates on smart products would positively influence their likelihood to buy.”

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