TY - GEN
T1 - Willingness to Pay for Home Energy Management System
T2 - 2018 IEEE Power and Energy Society General Meeting, PESGM 2018
AU - Xu, Xiaojing
AU - Chen, Chien Fei
AU - Washizu, Ayu
AU - Ishii, Hideo
AU - Yashiro, Hayashi
N1 - Funding Information:
This work is supported in part by National Science Foundation (NSF) Award Number CNS 1541117 and the Engineering Research Center Program of the NSF and the Department of Energy under NSF Award Number EEC-1041877 and the CURENT Industry Partnership Program.
Publisher Copyright:
© 2018 IEEE.
PY - 2018/12/21
Y1 - 2018/12/21
N2 - Home Energy Management System (HEMS) is a technology that can increase residential energy efficiency and demand flexibility, which in turn improves power grid reliability and renewable energy penetration. This research investigates residents' willingness to pay (WTP) for HEMS in New York and Tokyo, and how demographic and socio-psychological variables derived from Theory of Planned Behavior, Technology Acceptance Model and empirical evidence affect WTP. Bootstrapped regression analyses with 5000 resamples showed that attitude towards HEMS, social norms, and cost concerns affected WTP in both cities; perceived usefulness increased WTP in Tokyo; gender, age, income, trust in utilities and dependency concern affected WTP in New York. The results suggest the need to enhance social norms and alleviate cost concerns in promoting HEMS. Moreover, while educational campaigns about the usefulness of HEMS may help in Tokyo, targeting specific customer segments and cultivating trust in utility companies may be more effective in New York.
AB - Home Energy Management System (HEMS) is a technology that can increase residential energy efficiency and demand flexibility, which in turn improves power grid reliability and renewable energy penetration. This research investigates residents' willingness to pay (WTP) for HEMS in New York and Tokyo, and how demographic and socio-psychological variables derived from Theory of Planned Behavior, Technology Acceptance Model and empirical evidence affect WTP. Bootstrapped regression analyses with 5000 resamples showed that attitude towards HEMS, social norms, and cost concerns affected WTP in both cities; perceived usefulness increased WTP in Tokyo; gender, age, income, trust in utilities and dependency concern affected WTP in New York. The results suggest the need to enhance social norms and alleviate cost concerns in promoting HEMS. Moreover, while educational campaigns about the usefulness of HEMS may help in Tokyo, targeting specific customer segments and cultivating trust in utility companies may be more effective in New York.
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U2 - 10.1109/PESGM.2018.8586275
DO - 10.1109/PESGM.2018.8586275
M3 - Conference contribution
AN - SCOPUS:85060797124
T3 - IEEE Power and Energy Society General Meeting
BT - 2018 IEEE Power and Energy Society General Meeting, PESGM 2018
PB - IEEE Computer Society
Y2 - 5 August 2018 through 10 August 2018
ER -