Will a Smart Thermostat Save Me Money on Utility Costs?

December 07, 2020

Keeping your Genoa house comfortable can eat up a good amount of money. The usual family spends about $172 on monthly heating and cooling bills, according to ENERGY STAR®, or about $2,060 annually. At least half of that goes to heating and cooling.

Many homes use programmable thermostats, but many people don’t bother to program them. The process is time-consuming, complicated and only provides you limited options for temperature settings. When your residence stays at an identical setting throughout the day, it requires energy and negatively affects your monthly costs.

Smart thermostats learn from your schedule and adapt the temp to accompany it. But can installing one really conserve money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Save on Utility Expenses

Independent studies have found these devices can result in large savings.

These studies used home energy costs in 41 states before and after adding a Nest smart thermostat. Nest said the study found its thermostats can save up to 12% on heating and 15% on cooling, producing an estimated savings of $131 to $145 yearly.

With the typical smart thermostat running between $100–$250, those savings can help it pay for itself. And most local energy companies offer rebates for smart thermostats since they’re ENERGY STAR® certified.

How Does a Smart Thermostat Work?

After your smart thermostat is installed, you’ll first program it just like your previous thermostat. You’ll switch it up and down, so the thermostat can learn about your preferences. Then, it will begin developing a program that helps you conserve more money, whether you’re at your house or away. As it geofences with your smartphone, you won’t have to remember to adjust it when you go or return.

Pros and Cons of Getting a Smart Thermostat

Pros

As we talked about prior, smart thermostats provide many perks to your home and utility costs, including:

  • No need to set—Your smart thermostat will learn your activities, so you won’t be required to use up time adjusting programs or remember to adjust it.
  • Knows when you arrive and go—Because a lot of smart thermostats geofence with your phone, your residence will go into an energy-efficient setting when you go and be comfy when you return.
  • Remote temperature supervision—You’ll be able to keep an eye on your residence’s settings from virtually anyplace, thanks to an app on your phone.
  • Monitor heating and cooling use—Many smart thermostats offer valuable data through their app, including how long you required heating and cooling on a particular day.
  • Reminders—Certain smart thermostats will remind you of critical maintenance tasks, like when you’re due to replace your air filter.
  • Additional savings—Many local energy companies provide rebates for smart thermostats, so check with yours for details.

Cons

However, there’s several points you should take into account when thinking about adding a smart thermostat in your home:

  • Compatibility—Based on the type and age of your heating and cooling system, a smart thermostat might not work. If you’re not sure, it’s best to ask an HVAC specialist like Assured Appliance and Heating & Air. We also recommend having it professionally installed. This guarantees that you have the proper number of wires and that it’s hooked up accurately. Some systems don’t include a common wire, which creates compatibility issues with a smart thermostat. This wire powers your thermostat, so if your home doesn’t have a C-wire, we can add one.
  • Housing situation—If you own your residence and plan to reside there for many years, it’s a wise investment to have a smart thermostat. If you plan to move shortly or rent, we suggest delaying unless you plan to take the thermostat with you. If you rent, you’ll often need to get your landlord’s permission first before adding a new thermostat.
  • Cost—Smart thermostats are pricier than programmable thermostats, and we recommend having yours professionally installed. However, the energy savings over time can help pay for itself.
  • Lifestyle—Does a family member work from home, or is someone often at the house? If so, you might not see as many savings, but you’ll have the benefits of not being required to program or adjust a thermostat.

Trust Assured Appliance and Heating & Air for Your Smart Thermostat Needs

At Assured Appliance and Heating & Air, our number one priority is to keep your home pleasant while helping you conserve more heating and cooling expenses. If you’re considering installing a smart thermostat, our professionals can help, from choosing the best model to expert installation. Call us at 847-306-8990 today to learn more.