A survey of 2,000 households found that an average of 72 per cent of consumers are “unlikely” to introduce smart technology into their homes in the next two to five years, and are unwilling to pay for it.
However, 81 per cent of respondents with a smart heating device already installed saying they have noticed a “positive impact” from the technology.
On average one in three respondents are “confident” they could install the devices themselves, and only 34 per cent would rely on their energy company for support.
PwC UK power and utilities leader Steve Jennings said: “Momentum is continuing to build in the connected home market and we believe smart energy will have a key role to play.
“However, it’s clear from our survey that if suppliers and new market entrants are to win over consumers, they will need to develop propositions that not only cut through what appears to be a perceived complex technology challenge but address the reluctance of consumers to fund the introduction of many of these smart energy tech products into their homes. “
Thirty-five per cent of consumers would respond to the financial incentive of paybacks through a reduction in energy bills and 37 per cent to free supply and installation, compared with just 9 per cent who had a desire to manage energy via an app.
PwC head of digital utilities Richard Hepworth called on utilities to make the most of the market: “With real opportunities around smart thermostats, for example – a potential entry level to other smart energy tech for households – energy suppliers have clear ground they can build on in this market. How they react now could define their success as this growing smart energy revolution takes hold.”
The figures come despite the findings also showing that 81 per cent of customers with smart heating devices have noticed a positive impact in the daily running of their homes.