The Impact of Smart Thermostats

In an article for Euractiv, Navigant Research discusses how smart thermostats are leading the way to smarter homes

In recent years, advanced thermostats are reaching higher levels of market maturity. Investment by major brands including, Google, Amazon, Centrica, and Microsoft show how these devices are gaining acceptance and are beginning to set a precedent for future smart tech.   

In an article for Euractiv, Paige Leuschner, research analyst at Navigant Research, discusses how these home tech devices are not only winning over big tech companies, but also consumers and utilities. 

“Consumers are becoming increasingly aware of the potential energy savings, remote control capabilities, and comfort gains associated with advanced thermostats,” said Leuschner. 

According to a 2016 survey, more than half of respondents said they were interested in smart thermostats, a thermostat-based utility program, or a connected home platform in the next five years. 

“Utilities in regulated markets are using these devices in demand-side management programs to meet demand response and energy efficiency goals while increasing customer engagement and satisfaction, said Leuschner. 

Additionally, utilities are promoting smart thermostats to boost customer satisfaction, foster personal engagement, and increase potential savings. Some suppliers are even promoting these devices as a new revenue stream.

Leuschner said, “Advanced thermostats are one of the few smart devices reaching a more mainstream level of maturity.” Advanced thermostats have set a precedent for smart tech in the future and many business practices are being shaped by these devices. The successful path created by smart thermostats could enable stakeholders to better leverage their changing strategies with an eye for customer experience.

Read the Full Euractiv Article
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