Man adjusting his smart thermostat

Do Smart Thermostats Really Save Money?

Keeping your Oxford house comfortable can consume a big chunk of change. A typical household spends about $172 on monthly energy expenses, according to ENERGY STAR®, or around $2,060 each year. At least half of that is for heating and cooling.

Most residences rely on programmable thermostats, but most people don’t take the time to use them properly. The process is bothersome, complicated and only offers you a few options for desired temperatures. When your house is kept at an identical temperature throughout the day, it consumes utilities and adversely influences your monthly expenses.

Smart thermostats learn from your schedule and adapt the settings to accompany it. But can having one really conserve money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Reduce on Energy Costs

Independent studies have found these devices can lead to big savings.

These studies used home energy bills in 41 states before and after installing 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 yearly.

With the typical smart thermostat priced between $100–$250, those savings can help it pay for itself. And most local energy companies offer rebates for smart thermostats since 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 old thermostat. You’ll switch it up and down, so the thermostat can figure out your needs. Then, it will get to work making a program that helps you save money, whether you’re at your house or away. Because it geofences with your smartphone, you won’t have to remember to adjust it when you leave or return.

Pros and Cons of Getting a Smart Thermostat

Pros

As we mentioned prior, smart thermostats offer a lot of benefits to your house and heating and cooling expenses, including:

  • No need to set—Your smart thermostat will learn your activities, so you don’t have to waste time setting programs or remember to turn it up or down.
  • Knows when you get home and go—Since lots of smart thermostats geofence with your phone, your house will go into an energy-efficient setting when you leave and be comfortable when you get back.
  • Remote temperature management—You’ll be able to watch your residence’s settings from just about anyplace, due to an app on your phone.
  • Supervise heating and cooling use—Many smart thermostats provide detailed data through their app, including how long you needed heating and cooling on a particular day.
  • Reminders—Select smart thermostats will let you know about important maintenance tasks, like when it’s time to change your air filter.
  • Added savings—Most local energy companies provide rebates for smart thermostats, so check with yours for more information.

Cons

However, there’s a couple of points you should consider when thinking about getting a smart thermostat in your house:

  • Compatibility—Depending 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 best to check with an HVAC pro like Franklin's Heating & Air Conditioning, Inc.. We also recommend having it professionally installed. This guarantees that you have the proper number of wires and that it’s linked accurately. Some systems don’t include a common wire, which causes 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 house and want to reside there for many years, it’s a wise investment to install a smart thermostat. If you plan to move soon or rent, we recommend 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 getting a new thermostat.
  • Cost—Smart thermostats are more expensive than programmable thermostats, and we recommend having yours professionally installed. However, the energy savings over time can help pay for itself.
  • Lifestyle—Does a family member work from home, or is someone regularly at the house? If so, you might not see as big of savings, but you’ll enjoy the benefits of not needing to program or adjust a thermostat.

Rely on Franklin's Heating & Air Conditioning, Inc. for Your Smart Thermostat Needs

At Franklin's Heating & Air Conditioning, Inc., our main goal is to keep your house comfy while helping you spend less utility expenses. If you’re considering installing a smart thermostat, our pros can help, from picking the ideal model to expert installation. Call us at 662-281-1231 today to learn more.

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