Will a Smart Thermostat Save Me Money on Utility Expenses?

December 07, 2020

Keeping your Elk River residence cozy can require a good amount of money. A typical household spends about $172 on monthly heating and cooling costs, according to ENERGY STAR®, or approximately $2,060 yearly. At least half of that is consumed by heating and cooling.

Most homes have programmable thermostats, but most people don’t bother to set them. The process is annoying, detailed and only gives you limited options for temperature settings. When your residence stays at an unchanging temp throughout the day, it consumes gas and electricity and negatively affects your monthly bill.

Smart thermostats adjust to your day-to-day activities and adjust the temperatures to match it. But can installing one really save you money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Reduce on Utility Expenses

Independent studies show these devices can result in large savings.

These studies included home energy expenses 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, generating an estimated savings of $131 to $145 each year.

With the typical smart thermostat priced 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 at first use it just like your old thermostat. You’ll turn it up and down, so the thermostat can determine your preferences. Then, it will begin making a program that helps you save money, whether you’re at home or away. Because it geofences with your smartphone, you won’t have to put it on your list to adjust it when you leave or get back.

Pros and Cons of Getting a Smart Thermostat

Pros

As we talked about previously, smart thermostats offer lots of advantages to your house and utility expenses, including:

  • No need to program—Your smart thermostat will pick up on your activities, so you don’t have to spend time using programs or remember to change.
  • Knows when you come and take off—As many smart thermostats geofence with your phone, your house will go into an energy-efficient setting when you leave and be cozy when you get back.
  • Remote temperature management—You’ll be able to keep an eye on your residence’s settings from nearly anywhere, because of an app on your phone.
  • Monitor heating and cooling use—The majority of smart thermostats offer great data through their app, such as how long you needed heating and cooling on a specific day.
  • Reminders—Select smart thermostats will remind you of important maintenance tasks, including when you need to change your air filter.
  • Extra savings—Most local energy companies provide rebates for smart thermostats, so contact with yours for more info.

Cons

In spite of that, there’s a few points you should take into account when thinking about installing a smart thermostat in your home:

  • Compatibility—Subject to the type and age of your heating and cooling system, a smart thermostat might not function with it. If you don’t know, it’s recommended to check with an HVAC professional like Home Comfort Heating & Air. We also suggest having it professionally installed. This ensures that you have the right number of wires and that it’s hooked up accurately. Some systems don’t come with a common wire, which creates compatibility issues with a smart thermostat. This wire energizes your thermostat, so if your home doesn’t have a C-wire, we can put one in.
  • Housing situation—If you own your house and are planning to reside there for many years, it’s a smart investment to install a smart thermostat. If you plan to move soon or rent, we advise holding back unless you will take the thermostat with you. If you rent, you’ll often need to secure your landlord’s permission first prior to adding a new thermostat.
  • Cost—Smart thermostats are pricier than programmable thermostats, and we suggest 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 that’s your situation, you might not see as many savings, but you’ll get the perks of not being required to program or adjust a thermostat.

Depend on Home Comfort Heating & Air for Your Smart Thermostat Needs

At Home Comfort Heating & Air, our number one goal is to keep your home comfy while helping you conserve more energy bills. If you’re thinking about installing a smart thermostat, our professionals can help, from selecting the ideal model to expert installation. Call us at 763-276-0617 today to learn more.