Lower Cost Key to Expanding Smart Thermostat Adoption, Says Parks Associates

Nearly a quarter of U.S. broadband homes are likely to buy a smart thermostat this year, despite a general sentiment that the devices are too expensive, blogged Parks Associates Tuesday. Lowering the cost is key to driving adoption beyond the 11-13 percent of households that own one, said President Elizabeth Parks, noting utilities are among the energy players experimenting with subsidized offers and product-as-a-service options to expand adoption. Consumers bought about 5.8 million smart thermostats in 2018, generating $843 million revenue. For future purchases, voice control and compatibility with smart speakers are important features, Parks said; among smart speaker owners planning to buy a smart thermostat, more than 70 percent consider compatibility between the two to be important.