EcoClean Home Energy Saver is a cutting-edge home energy management system that significantly reduces electricity consumption in households by replacing traditional thermostats and power management systems. The system is designed to optimize energy usage, leading to a 15% reduction in electricity bills on average. It is sold as a one-time installation with a cost of $300. Some households (approximately one-third) have older, less efficient appliances that consume more electricity (10% more). Upgrading these appliances to energy-efficient ones can further increase energy savings. The average cost of replacing appliances is $1,000, and the installation process takes about two hours. An additional benefit of EcoClean is that it can diagnose and suggest energy-efficient alternatives for these appliances, saving households from buying new ones.

Based on the above, answer the following questions related to this new product: Estimate the economic value of EcoClean Home Energy Saver, making any reasonable assumptions necessary. (Assume that EcoClean is the only available energy management system in this market. Ignore the time value of money.)

Identify at least two factors other than economic value that could influence how much people would be willing to pay for EcoClean Home Energy Saver. Explain how and why these factors might affect willingness-to-pay in this case.