How Much Can You Save With a Smart Thermostat

Technology is making dreams become reality for many people. Over the years, we’ve seen many improvements in household appliances so that people can benefit from more complex features.

There are heating systems that learn your desired temperature and adjust it all the time, or security cameras with smartphone apps so you can watch your house while you’re far away. 

There is one more thing that many people want to know about, and that is the smart thermostat. A thermostat like this will have the ability to adjust your home’s temperature, depending on your wants or needs.

These appliances can save you around 10% to 15% on your heating costs. For the average household that’s around $135 per year.

A thermostat such as this one can be controlled easily if you have a tablet or phone to make the settings. The advantage of owning such a wonderful device is that you get to save money on your energy bills. 

How Much Does a Smart Thermostat Cost?

A smart thermostat will be pricier than your average thermostat, and rightfully so. It does have a lot of features that you wouldn’t get with a normal thermostat, after all, so it has to be priced accordingly. But that doesn’t mean you cannot find some budget-friendly smart thermostats as well. 

Smart thermostats can go between $100 and $300 but depending on some factors, they can exceed $300 and be a much costlier investment. So, not all devices will have the same price. 

What you need to understand is that there are differences between smart thermostats. For example, some cheaper models will be easy to use and come in stylish designs. However, others will have the ability to track behavior through algorithm use, which will instantly make the price higher. This is just an example. The better the features, the more the price is going to rise. 

What’s more, the brand also plays a role in the price of a smart thermostat. These units may not be the oldest, but there are several brands making them, and each one knows how to add its own touch to the product. 

Mysa is one brand that makes smart thermostats. Its products are very easy to operate, and the designs can look very beautiful. On top of that, they are high voltage compatible. In general, their prices will range between $100 and $300. 

Then you have Zen Within, another brand that does smart thermostats. Their devices are stylish and offer simple controls. But that’s not all – they allow for a smooth, easy installation, and can use algorithms in order to track behaviour. Their products start at the $200 mark and can rise to $300. 

Ecobee is also producing thermostats, but much pricier ones. Their thermostats are high-end ones that learn behavior through geofencing and work with Apple Home too. Generally, they can cost as much as $300 – $400. 

Aside from the actual product, you will have to also deal with installation costs and labor. 

How Much Can You Save with a Smart Thermostat?

Having a smart thermostat could save you some money on energy bills. Isn’t that great? Most people want to make sure they pay less on the bills and use the cash for anything else, yet not everyone knows what to do to save money. But how much can a smart thermostat actually help you save? 

Nest Labs made some research a while back and discovered how much people are saving with these innovative thermostats.

They’ve been giving surveys to their customers and, based on the information they collected, they got to the conclusion that about 10% can be saved for heating costs and 15% for cooling costs. Therefore, that could mean about $130-$145 each year. 

It’s important to note that the majority of the manufacturers of such devices are saying similar things. According to Ecobee, there are average savings of 23%.

Forum users on Nest say that they can save between $10 and $20 every month. Furthermore, Honeywell added an Energy Savings calculator that will help you determine how much you can save in a month. 

However, you should be aware that not every person will be able to save money. Some people won’t see any change, and that’s because they don’t know how to make proper settings for their thermostat. Before they can save, they need to learn how to utilize these devices. 

In order to save money, a household must have a properly adjusted thermostat. So, make sure to find out the right settings for your home, and the smart thermostat will remember them every time it starts working. 

How Fast Could You Get a Return on Your Investment from a Smart Thermostat?

If used properly, a smart thermostat could help you get your return on investment in two or three years. Considering it can help you save around $130 every year, it will take a specific amount of time depending on the price of your thermostat initially, and how you utilize it. 

For instance, some factors that will influence the amount of savings and how fast you get a return on investment include the climate and seasonal variations. Additionally, the cost of utilities in the region you live in can also influence the savings, especially if they get pricier with each passing year. 

How much energy you use will have a say in this as well. If you have the heating on constantly, then it will consume a lot of energy and you won’t see any savings. 

What Else Could Help You Reduce the Heating Costs? 

A thermostat can help you save on heating costs, but it’s not the only way you can save some cash on your bills. Something that you can do is installing storm windows and doors.

These will ensure drafts will not enter the house through any crevices. This way, you will need to use heating appliances less than you would in case air entered the house. 

Another thing that will be very effective is turning down the water heater. You don’t have to take a bath in boiling water – less warm water will be just as good, as long as you don’t switch to the other extreme. For instance, you can dial down to 120 degrees, which will reduce heating costs by about 6% to 10%. 

Make sure you also change furnace filters frequently enough. Over time, furnace filters will get dirty, which will result in airflow restriction. Consequently, the heating system will have to force itself, which will have an impact on your heating bills.

If you don’t want this to happen, check them out once in a while and change them if they’re dirty. You will notice that the electricity bills will decrease. Not to mention that this will have a good impact on your medical bills as well.

Conclusion

Owning a smart thermostat can be a true blessing. If you don’t want to manually set the thermostat all the time, you can get a smart one and use your tablet or phone to configure it.

The device will remember your preferred settings and operate accordingly. Over time, it can save you money on your bills and will help you recover the investment you made on the device.

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