How Does a Smart Thermostat Save Money on Utility Expenses?

December 07, 2020

Keeping your Booneville residence comfy can eat up a good amount of money. The usual household spends about $172 on monthly utility bills, according to ENERGY STAR®, or approximately $2,060 annually. At least half of that goes to heating and cooling.

The majority of residences rely on programmable thermostats, but the majority of people don’t take the trouble to program them. The process is annoying, detailed and only gives you a couple of options for temperature settings. When your home stays at an unchanging setting throughout the day, it requires utilities and adversely affects your monthly expenses.

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

Studies Show Smart Thermostats Reduce on Energy Bills

Independent studies show these devices can lead to large savings.

These studies included 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 estimated savings of $131 to $145 yearly.

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

How Does a Smart Thermostat Work?

After your smart thermostat is put in, you’ll first use it just like any other thermostat. You’ll turn it up and down, so the thermostat can learn about your wants. Then, it will begin developing a program that helps you conserve more money, whether you’re at your residence or gone. Since it geofences with your smartphone, you won’t have to remember to adjust it when you exit or come back.

Pros and Cons of Having a Smart Thermostat

Pros

As we covered previously, smart thermostats offer lots of pluses to your residence and heating and cooling bill, including:

  • No need to adjust—Your smart thermostat will adjust to your schedule, so you don’t have to use up time using programs or remember to adjust it.
  • Knows when you get home and leave—As many smart thermostats geofence with your phone, your home will go into an energy-efficient setting when you take off and be comfortable when you get back.
  • Remote temperature management—You’ll be able to keep an eye on your house’s settings from nearly anyplace, thanks to an app on your phone.
  • Monitor heating and cooling use—Most smart thermostats give in-depth data through their app, including how long you required heating and cooling on a certain day.
  • Reminders—Certain smart thermostats will let you know about essential maintenance tasks, like when you’re due to replace your air filter.
  • Extra savings—The majority of local energy companies offer rebates for smart thermostats, so contact with yours for details.

Cons

However, there’s several points you should take into account regarding getting a smart thermostat in your house:

  • 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 advisable to contact an HVAC professional like Booneville Heating & Cooling LLC. We also recommend having it professionally installed. This guarantees that you have the right number of wires and that it’s hooked up accurately. Some systems don’t include a common wire, which causes compatibility issues with a smart thermostat. This wire runs your thermostat, so if your house doesn’t have a C-wire, we can install one.
  • Housing situation—If you own your residence and want to live there for many years, it’s a smart investment to install a smart thermostat. If you’re planning to move soon or rent, we recommend waiting unless you plan to take the thermostat with you. If you rent, you’ll usually need to get your landlord’s permission first ahead of putting in a new thermostat.
  • Cost—Smart thermostats are pricier than programmable thermostats, and we suggest having yours professionally installed. However, the energy savings over the years 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 needing to program or adjust a thermostat.

Rely on Booneville Heating & Cooling LLC for Your Smart Thermostat Needs

At Booneville Heating & Cooling LLC, our number one priority is to keep your residence comfy while helping you save on utility bills. If you’re considering installing a smart thermostat, our professionals can help, from selecting the ideal model to expert installation. Contact us at 662-269-8716 today to learn more.