Consumers don’t want to pay for pricey smart thermostats, survey says

Consumer interest in energy-saving technologies like smart meters, smart thermostats, and demand-response services hasn’t changed much in the last year, according to a new report from Navigant Consulting. And consumers aren’t willing to pay over $100 for a smart thermostat though they believe the savings will be high.

Out of 1,084 participants, the survey found only 1% had a smart thermostat with another 38% showing interest in owning one. But when it came to price, 77% of 800 participants were not willing to pay over $100.

Major brands like Honeywell, Nest, and Ecobee lead the smart thermostat market. A smart thermostat, on average, runs for $100 to over $300. The report found 700,000 smart thermostats were installed in North America in 2013 and that number is expected to grow to 16 million by 2020.

Smart thermostats allow consumers to regulate their temperatures on touchscreens or from anywhere with a Wi-Fi connection via a mobile app on a smartphone or tablet, so the thermostat can be changed to save energy at peak times and send alerts on energy-saving tips.

As utilities figure out how to upgrade the electrical grid system, they are trying to offer energy-reducing services to consumers who own a smart meter or smart thermostat. The issue is consumers have to pay for the smart device, and many worry if the out-of-pocket costs would be worth it in the long run.

Our Open Energy Initiative focuses on enabling all customers in California and across the United States the opportunity to use real-time energy data and actively engage in electricity markets to increase system energy efficiency and responsiveness in a cost-effective manner.

Smart thermostat study

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