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How Does a Smart Thermostat Save Money on Utility Bills?

December 07, 2020

Keeping your Carpentersville home cozy can eat up a good amount of money. The average homeowner spends about $172 on monthly utility bills, according to ENERGY STAR®, or approximately $2,060 each year. At least half of that is consumed by heating and cooling.

The majority of residences rely on programmable thermostats, but the majority of people don’t bother to set them. The process is bothersome, involved and only gives you a few options for desired temperatures. When your residence is kept at an identical setting throughout the day, it wastes gas and electricity and adversely impacts your monthly costs.

Smart thermostats learn from your routine and change the settings to match 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 Costs

Independent studies show these devices can result in major savings.

These studies involved home energy costs 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 average savings of $131 to $145 each year.

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

How Does a Smart Thermostat Work?

After your smart thermostat is ready to go, you’ll initially set it just like your old thermostat. You’ll set it up and down, so the thermostat can determine your needs. Then, it will begin 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 exit or return.

Pros and Cons of Using a Smart Thermostat

Pros

As we talked about previously, smart thermostats offer many pluses to your home and utility expenses, like:

  • No need to adjust—Your smart thermostat will pick up on your activities, so you won’t be required to spend time adjusting programs or remember to adjust it.
  • Knows when you get home and take off—Because many smart thermostats geofence with your phone, your home will go into an energy-efficient setting when you leave and be comfortable when you return.
  • Remote temperature supervision—You’ll be able to see your home’s settings from just about anywhere, due to an app on your phone.
  • Watch heating and cooling use—Many smart thermostats give great data through their app, including how long you used heating and cooling on a particular day.
  • Reminders—Select smart thermostats will alert you to crucial maintenance tasks, such as when you need to replace your air filter.
  • Added savings—Many local energy companies offer rebates for smart thermostats, so contact with yours for more information.

Cons

However, there’s a couple of things you should consider regarding getting a smart thermostat in your home:

  • Compatibility—Based on the type and age of your heating and cooling system, a smart thermostat might not function with it. If you’re unsure, it’s recommended to ask an HVAC specialist like Controlled Comfort HVAC Inc. We also recommend having it professionally installed. This ensures that you have the correct number of wires and that it’s hooked up properly. Some systems don’t include a common wire, which results in compatibility issues with a smart thermostat. This wire energizes your thermostat, so if your house doesn’t have a C-wire, we can install one.
  • Housing situation—If you own your home and are planning to reside there for years, it’s a smart investment to have a smart thermostat. If you plan to move shortly or rent, we advise waiting unless you will take the thermostat with you. If you rent, you’ll typically need to secure your landlord’s permission first prior to installing a new thermostat.
  • Cost—Smart thermostats are pricier than programmable thermostats, and we recommend 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 frequently at the house? If that’s your situation, you might not see as many savings, but you’ll have the perks of not being required to program or adjust a thermostat.

Rely on Controlled Comfort HVAC Inc for Your Smart Thermostat Needs

At Controlled Comfort HVAC Inc, our main priority is to keep your house cozy while helping you spend less energy bills. If you’re considering installing a smart thermostat, our professionals can help, from picking the best model to expert installation. Call us at 224-412-8308 today to learn more.