Brief

Energy efficiency is biggest housing concern in new residential survey

Dive Brief:

  • Energy efficiency ranks number one among housing concerns, according to a new survey released by the Demand Institute, besting safety and kitchens upgrades, which rounded out the top-3.
  • The survey, which captured a wide range of more than 10,000 owners and renters, measured the "satisfaction gap" between current living situations and what respondents identified as their priorities for their next home.
  • According to the survey, 90% of households have taken some measure in the past five years to consume less energy.

Dive Insight:

Utilities today are more focused than ever on customer engagement, and as more companies move toward the model of the "trusted energy advisor," they can take heart that consumers appear to care deeply about their home electricity usage. 

One in three U.S. households plans to move in the next five years, and Americans will spend more than $7.4 trillion on home purchases and $2.2 trillion on rent as they seek better places to live, according to new survey data from the Demand Institute. "But the ideal home is elusive to many," the survey said, pointing out that more than $700 billion will be spent on home renovations across that same time.

Those trillions of dollars represent, in part, a strong interest in home energy efficiency and have utilities and smart energy device manufacturers focused on how to capture some of residents' growing focus on using less energy.

"Most households value energy efficiency; few describe their homes as energy efficient," the report found. "Average household spending on home electricity has grown 56% since 2000, outpacing other
housing-related expenses (which grew at 38%). This has many households looking for ways to
make their homes more energy efficient."

The survey revealed a 36% satisfaction gap on home energy efficiency, with 71% believing it is important but only 35% satisfied with their current results. Changed energy consumption habits were the top action residents took to consume less, followed by more efficient light bulbs and sealing leaks.

Home renovation, updated kitchens aging-friendly homes and safety rounded out the top five concerns.

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Filed Under: Corporate News
Top image credit: domdeen