Man adjusting his smart thermostat

Do Smart Thermostats Really Save Money?

Keeping your Hamilton home comfy can require a good amount of money. The usual family spends about $172 on monthly energy expenses, according to ENERGY STAR®, or approximately $2,060 yearly. At least half of that goes to heating and cooling.

Many houses have programmable thermostats, but most people don’t take the trouble to use them properly. The process is bothersome, detailed and only provides you a couple of options for desired temperatures. When your house is kept at the same temperature throughout the day, it wastes gas and electricity and adversely impacts your monthly costs.

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

Studies Show Smart Thermostats Decrease on Utility Expenses

Independent studies have determined these devices can result in major savings.

These studies used home heating and cooling expenses in 41 states before and after installing a Nest smart thermostat. Nest said the study determined its thermostats can save up to 12% on heating and 15% on cooling, resulting in an approximated savings of $131 to $145 yearly.

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

How Does a Smart Thermostat Work?

After your smart thermostat is ready to go, you’ll first set it just like your previous thermostat. You’ll set it up and down, so the thermostat can determine your needs. Then, it will start creating a program that helps you spend less money, whether you’re at your residence or gone. Because it geofences with your smartphone, you won’t have to put it on your list to adjust it when you leave or come home.

Pros and Cons of Getting a Smart Thermostat

Pros

As we covered before, smart thermostats provide a lot of advantages to your house and energy costs, like:

  • No need to program—Your smart thermostat will adjust to your schedule, so you won’t need to waste time adjusting programs or remember to turn it up or down.
  • Knows when you get home and leave—As many smart thermostats geofence with your phone, your residence will move into an energy-efficient setting when you go and be comfy when you get back.
  • Remote temperature control—You’ll be able to see your residence’s temperature from nearly anyplace, due to an app on your phone.
  • Monitor heating and cooling use—The majority of smart thermostats give in-depth data through their app, such as how long you needed heating and cooling on a certain day.
  • Reminders—Some smart thermostats will remind you of important maintenance tasks, such as when you need to change your air filter.
  • Additional savings—Most local energy companies provide rebates for smart thermostats, so check with yours for more info.

Cons

However, there’s a couple of areas you should consider when considering adding a smart thermostat in your residence:

  • Compatibility—Subject to the type and age of your heating and cooling system, a smart thermostat might not work. If you’re unsure, it’s advisable to ask an HVAC specialist like Carefree Heating and Cooling, LLC. We also advise having it professionally installed. This ensures that you have the right number of wires and that it’s linked correctly. Some systems don’t come with a common wire, which creates compatibility issues with a smart thermostat. This wire powers your thermostat, so if your house doesn’t have a C-wire, we can add one.
  • Housing situation—If you own your house and are planning to reside there for years, it’s a wise investment to install a smart thermostat. If you’re planning to move in the next year or rent, we suggest delaying unless you will take the thermostat with you. If you rent, you’ll usually need to secure your landlord’s permission first before putting in a new thermostat.
  • Cost—Smart thermostats are pricier than programmable thermostats, and we advise 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 frequently at the house? If that’s your situation, you might not see as large of savings, but you’ll get the benefits of not needing to program or adjust a thermostat.

Depend on Carefree Heating and Cooling, LLC for Your Smart Thermostat Needs

At Carefree Heating and Cooling, LLC, our top purpose is to keep your residence pleasant while helping you spend less heating and cooling expenses. If you’re thinking about installing a smart thermostat, our specialists can help, from choosing the ideal model to expert installation. Contact us at 513-268-5164 today to learn more.

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