Page 56 - Green Builder Magazine Jan-Feb 2018 Issue

Smart Data

Smart Thermostats, Clueless Users

A deep dive into the buying trends, attitudes and behavior of

smart thermostat users uncovers some missing links.

BY GREEN BUILDER STAFF
Percentage of thermostat owners who listed
OULD IT SURPRISE
you to know that trait as top three buying influence
about one-third of
people who own 29%
W smart thermostats Price
set the temperature, push the “HOLD”
button, and walk away, thinking they Energy-Saving Potential 10% Highs and lows. Although
are using the device properly? a focus on price as a sales
That’s one of the surprises we dis- Reliability 10% driver is not surprising,
surprisingly few buyers
covered when putting together a Cog- listed “ease of
nition Smart Data analysis of smart Ease of Use 10% installation” as a major
influence. Does this
thermostats last month. Cognition is a demonstrate do-it-
powerful new tool we’ve developed at yourself confidence, or SOURCE: MCKINSEY&COMPANY
the intention to have an
Green Builder Media for researching Ease of Installation 5% expert do the installation?
sustainable brands and ideas. It’s es-
sentially a visualization of data: a way
to “see” how buyers perceive a brand, A FRACTURED LANDSCAPE REBATE BONANZA?
including what they’re saying about Our analysis of the Smart Thermostat Piecing together the available thermostat
it, how they “feel” about it and what’s universe began with the basics, a synthesis rebates nationally is like a scavenger hunt.
“missing” in closing the deal—and of third-party research. Until recently, the Some manufacturers list only the rebates
market has been stalled at what smart home
where their units are covered.
driving more sustainable purchases. pundits describe as “The Chasm”—the space So, we compiled the latest rebate data, and
We’re well aware that data collec- between early adopters and mainstream created an interactive map for each state and
tion has a dark side. But it’s a tool, we buyers. But the products have now crossed utility. This shows that many states have
believe, that can also be harnessed for over, thanks in large part to dropping prices. no rebate in place at all—a potential white
That’s something else that surveys have
ecological good—in service to reduc- revealed: Cost is king for new buyers. Parks space for smart thermostat brands looking
to rapidly boost sales.
ing consumption on non-renewable Associates found that “only 30 percent of Rebates vary by the amount of kickback
resources. Smart thermostats, for consumers believe that smart thermostats they give to smart thermostat buyers and by
example, can reduce a home’s HVAC are affordable, and only 18 percent of the number of thermostats rebated. Among
energy use by 10 percent to 30 percent consumers would purchase one of these the best states for consumers is Ohio, with a
(based on manufacturer estimates). devices at $250.” $250 rebate for each thermostat.
The impact of unit price on sales may
But riding on the heels of that finding is
That’s a massive reduction in green- the powerful influence of rebates. The same explain why the price of Nest thermostats
house gases. If we can help bring more Parks Associates report found that a $100 recently dropped dramatically.
awareness (and sales) to this market, rebate could more than double “purchase But the market is not that simple. Much
everybody wins. intention” for smart thermostats. of Nest’s profits come from selling the data

54 GREEN BUILDER January/February 2018 www.greenbuildermedia.com

54-55 GB 0118 Cognition.indd 54 12/14/17 4:09 PM