Will a Smart Thermostat Save Me Money on Utility Costs?

December 07, 2020

Keeping your Excelsior Springs house cozy can consume a big chunk of change. The usual household spends about $172 on monthly utility costs, according to ENERGY STAR®, or approximately $2,060 each year. At least half of that is consumed by heating and cooling.

Most homes use programmable thermostats, but many people don’t take the time to use them properly. The process is time-consuming, involved and only offers you a couple of options for desired temperatures. When your home is kept at the same temp throughout the day, it consumes gas and electricity and badly affects your monthly costs.

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

Studies Show Smart Thermostats Reduce on Energy Costs

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

These studies used home utility costs in 41 states before and after putting in a Nest smart thermostat. Nest said the study showed its thermostats can save up to 12% on heating and 15% on cooling, producing an approximated savings of $131 to $145 each year.

With the average smart thermostat running between $100–$250, those savings can help it pay for itself. And many local energy companies offer 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 set it just like any other thermostat. You’ll set it up and down, so the thermostat can figure out your needs. Then, it will get to work creating a program that helps you spend less money, whether you’re at your house or out and about. Because it geofences with your smartphone, you won’t have to think about adjusting it when you leave or get back.

Pros and Cons of Having a Smart Thermostat

Pros

As we covered previously, smart thermostats give many benefits to your residence and energy bill, including:

  • No need to set—Your smart thermostat will learn your schedule, so you don’t have to use up time using programs or remember to turn it up or down.
  • Knows when you get home and take off—As many smart thermostats geofence with your phone, your house will move into an energy-efficient setting when you go and be cozy when you get back.
  • Remote temperature management—You’ll be able to see your house’s temp from just about any location, thanks to an app on your phone.
  • Watch heating and cooling use—Most smart thermostats give detailed data through their app, including how long you used heating and cooling on a certain day.
  • Reminders—Certain smart thermostats will remind you of essential maintenance tasks, including when it’s time to get a new air filter.
  • Extra savings—Many local energy companies provide rebates for smart thermostats, so contact with yours for more information.

Cons

Having said that, there’s a few things you should contemplate when considering adding a smart thermostat in your house:

  • Compatibility—Based on the type and age of your heating and cooling system, a smart thermostat might not function with it. If you don’t know, it’s recommended to contact an HVAC specialist like Colvin's Heating and Cooling. We also recommend having it professionally installed. This guarantees that you have the proper number of wires and that it’s connected properly. Some systems don’t come with a common wire, which creates compatibility troubles with a smart thermostat. This wire runs your thermostat, so if your house doesn’t have a C-wire, we can put one in.
  • Housing situation—If you own your residence and want to be there for years, it’s a good investment to have a smart thermostat. If you’re thinking about moving in the next year or rent, we recommend delaying unless you plan to take the thermostat with you. If you rent, you’ll usually need to have your landlord’s permission first in advance of getting a new thermostat.
  • Cost—Smart thermostats are more expensive than programmable thermostats, and we advise having yours professionally installed. However, the energy savings over its lifetime can help pay for itself.
  • Lifestyle—Does a family member work from home, or is someone frequently at the house? If so, you might not see as large 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 purpose is to keep your house comfy while helping you conserve more energy bills. If you’re thinking about installing a smart thermostat, our professionals can help, from picking the right model to expert installation. Call us at 816-379-3918 today to learn more.