Parks Points

When consumers think about energy, oftentimes they are thinking about the pain of parting ways with money for their monthly utility bills. When consumers want to spend less money on energy, it is pretty clear that they need to use less energy, and 82% of consumers engaged in some energy-saving action in 2016.

“Mindful Actions” are some of the easiest ways that consumers can save energy and money. This is why these actions typically get the highest rates of participation. For consumers, it is not that difficult to shut off a thermostat while away from home for an extended amount of time. Those who own smart thermostats can take advantage of the fact that their device might be able to learn when they are away and automatically adjust the home’s interior temperature. Turning off lights is another easy way for consumers to save on their utility bills. Drying clothes outside, on the other hand, is one of the more challenging “Mindful Actions,” as this may not always be feasible in one’s living space.

“Home Improvements” and “Extreme Measures” get progressively more challenging and/or costly. It’s much easier to caulk than to set aside the money to install solar panels and live in the home long enough after installation to make the solar panels worth the upfront investment.

For consumers, taking some energy-saving action saves money. The degree to which consumers want to save money with energy directly relates to the number and difficulty of the actions they are willing to take to get savings.

Parks Associates will discuss strategies to increase consumer energy-saving activities in detail at the upcoming Smart Energy Summit: Engaging the Consumer, February 20-22, 2017, at the Four Seasons Hotel in Austin, TX.