Parks PointsSmart Home: Bringing Energy Efficiency to Low-Income Households
by
Parks Associates |
As technology moves forward, energy efficiency and “green” solutions—particularly in the residential space—continue to gain prominence. As of Q4 2018, about 25% of US broadband households own at least one smart home device, with smart thermostats leading the way and smart lighting solutions close behind. Still, overall adoption rates for individual energy management device categories remain at 10%, and product manufacturers struggle to push their products beyond high-income households and early adopters into the mass market. Lower income households continue to find these solutions and associated benefits out of reach. Parks Associates consumer survey data shows that US broadband households with an income of less than $50,000/year are the least likely to own or intend to own smart energy solutions for their homes. This point is unsurprising, given less than one-fifth of consumers surveyed by Parks Associates view smart energy devices in any category as affordable. However, programs offered through various levels of government and by private companies allows low-to-moderate income households an opportunity to access the latest energy efficient technology while alleviating the higher costs/burden resulting from energy inefficiency.
For a more comprehensive look at Parks Associates data regarding energy and the smart home, check out the latest 360 View: Energy Management, Smart Home, & Utilities. Further Reading:
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Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions. |