Man adjusting his smart thermostat

Do Smart Thermostats Really Save Money?

Keeping your Excelsior Springs house cozy can eat up a lot of money. The usual household spends about $172 on monthly energy expenses, according to ENERGY STAR®, or about $2,060 yearly. At least half of that is for heating and cooling.

The majority of homes rely on programmable thermostats, but most people don’t take the time to use them properly. The process is time-consuming, involved and only gives you limited options for temperature settings. When your home is kept at the same setting throughout the day, it consumes utilities and badly influences your monthly costs.

Smart thermostats pick up on your schedule and adjust the settings to accompany it. But can getting one really conserve money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Decrease on Heating and Cooling Expenses

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

These studies used home heating and cooling 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, generating an approximated savings of $131 to $145 yearly.

With the common smart thermostat running 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 installed, you’ll at first set it just like your previous thermostat. You’ll turn it up and down, so the thermostat can figure out your desired settings. Then, it will begin making a program that helps you spend less money, whether you’re at your residence or out and about. Since it geofences with your smartphone, you won’t have to think about adjusting it when you go or come home.

Pros and Cons of Having a Smart Thermostat

Pros

As we covered before, smart thermostats offer a lot of pluses to your house and energy costs, such as:

  • No need to set—Your smart thermostat will learn your schedule, so you won’t be required to use up time adjusting programs or remember to turn it up or down.
  • Knows when you come and take off—Because many smart thermostats geofence with your phone, your house will be put into an energy-efficient setting when you take off and be comfy when you get back.
  • Remote temperature supervision—You’ll be able to see your home’s temperature from virtually any location, due to an app on your phone.
  • Watch heating and cooling use—Many smart thermostats provide in-depth data through their app, like how long you used heating and cooling on a particular day.
  • Reminders—Some smart thermostats will remind you of important maintenance tasks, including when you’re due to change your air filter.
  • Additional savings—The majority of local energy companies have rebates for smart thermostats, so call with yours for more information.

Cons

Having said that, there’s a couple of things you should consider regarding adding a smart thermostat in your home:

  • Compatibility—Subject to 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 Colvin's Heating and Cooling. We also suggest having it professionally installed. This guarantees that you have the correct number of wires and that it’s hooked up right. Some systems don’t include a common wire, which creates compatibility troubles with a smart thermostat. This wire energizes your thermostat, so if your home doesn’t have a C-wire, we can install one.
  • Housing situation—If you own your house and plan to be there for years, it’s a wise investment to have a smart thermostat. If you plan to move soon or rent, we suggest holding back unless you want to take the thermostat with you. If you rent, you’ll often need to get your landlord’s permission first prior to installing a new thermostat.
  • Cost—Smart thermostats cost more than programmable thermostats, and we advise 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 regularly at the house? If that’s your situation, you might not see as big of savings, but you’ll enjoy the benefits of not having to program or adjust a thermostat.

Trust Colvin's Heating and Cooling for Your Smart Thermostat Needs

At Colvin's Heating and Cooling, our top priority is to keep your home comfy while helping you save on energy costs. If you’re thinking about installing a smart thermostat, our specialists can help, from choosing the ideal model to expert installation. Give us a call at 816-379-3918 today to learn more.

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