GOT POWER? 67% OF U.S. HOMEOWNERS EXPERIENCED POWER OUTAGE IN PAST YEAR, NATIONWIDE SURVEY REVEALS

FOR IMMEDIATE RELEASE

GOT POWER? 67% OF U.S. HOMEOWNERS EXPERIENCED

POWER OUTAGE IN PAST YEAR, NATIONWIDE SURVEY REVEALS

Results of Consumer Research Punctuate Benefits of Energy Storage Systems

ALPHARETTA, Ga., Feb. 20, 2024 – Two out of every three homeowners in the United States have experienced a power outage in the past year, and half experience multiple power outages annually, according to just-released results from a new nationwide energy survey.* Homeowners surveyed expressed frustration over grid instability and concerns over the impact of extreme weather events, highlighting an opportunity to educate consumers on energy storage systems (ESS) as a reliable safeguard against power outages.

With 67 percent of homeowners reporting that their home energy bill costs are too high and 21 percent saying their bills have been much higher over the past year, an ESS provides a solution that can help them save money by storing energy during the daytime, when electricity prices are typically lower, to be later utilized during peak consumption hours when prices increase. The third-party research was conducted on behalf of LG Electronics USA, whose award-winning “Home 8” residential energy storage system allows homeowners to manage energy usage, provides backup power in the event of an outage, and reduces dependence on the electric grid.

“Homeowners want to be smarter about their energy usage, and it’s our responsibility as industry leaders to help them get there,” said Chris Ahn, Senior Vice President, LG Electronics USA. “We can help homeowners better manage their energy consumption and set them on a journey toward energy independence.”

Of those who experienced a power outage in the past year, 50 percent said the outage lasted more than 30 minutes, with another 14 percent experiencing an outage of at least three hours. Disruptions caused by outages underscored the safety concerns associated with a loss of power, including:

• No internet for communication (43%),

• Inability to charge communication devices (40%), and
• Inability to heat/cool homes (46%).

 

Homeowners seeking to overcome the challenges of grid instability with an ESS are most inter-ested in lowering their energy costs (90%), while also identifying other appealing benefits of bat-tery-powered ESS, including uninterrupted power supply (89%), less dependency on the utility (86%), potential to sell the energy back to the utility (84%), environmental benefits/sustainability (82%), and less dependency on fossil fuels (82%).

Among homeowners with residential solar, one quarter report having an ESS while eight in 10 of those who do not yet have one say it is a future priority; 12 percent say it’s the number one priority. Two-thirds of those prioritizing ESS cited “a brand I can trust” as a highly important factor in their impending buying decision.

*About this Survey

This random survey of 1,579 U.S. homeowners was completed in January 2024 by Mower, on behalf of LG Electronics. It has a margin of error of plus or minus 2.5 percent. For more detailed results, please contact Owen Serey at Mower.

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About LG Electronics USA

The LG Electronics Energy Storage Systems business, based in Alpharetta, Ga., represents a fast-growing new area for LG in the United States, leveraging the company's renewable energy expertise to unlock value for custom-ers. Headquartered in Englewood Cliffs, N.J., LG Electronics USA Inc. is the North American subsidiary of LG Elec-tronics Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning and energy systems, and vehicle components. LG is a 10-time ENERGY STAR® Partner of the Year. www.LG.com.

Media Contacts:

LG Electronics USA Mower

Kim Regillio Owen Serey

+1 815 355 0509 +1 513 639 7455

kim.regillio@lge.com oserey@mower.com