Do Smart Thermostats Really Save Money on Heating and Cooling?

December 07, 2020

Keeping your Huntingburg residence comfortable can consume a lot of money. A typical family spends about $172 on monthly heating and cooling expenses, according to ENERGY STAR®, or around $2,060 annually. At least half of that is consumed by heating and cooling.

The majority of homes have programmable thermostats, but the majority of people don’t take the time to set them. The process is bothersome, complicated and only gives you a couple of options for temperature changes. When your home remains at an identical temp throughout the day, it requires gas and electricity and adversely impacts your monthly costs.

Smart thermostats learn from your schedule and modify the settings to accompany it. But can using one really help you spend less money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Reduce on Utility Expenses

Independent studies show these devices can result in large savings.

These studies included home energy costs in 41 states before and after adding a Nest smart thermostat. Nest said the study determined its thermostats can save up to 12% on heating and 15% on cooling, generating an average savings of $131 to $145 annually.

With the common smart thermostat priced between $100–$250, those savings can help it pay for itself. And most 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 first set it just like any other thermostat. You’ll switch it up and down, so the thermostat can learn about your preferences. Then, it will begin developing a program that helps you conserve more money, whether you’re at your house or gone. As it geofences with your smartphone, you won’t have to remember to adjust it when you exit or come home.

Pros and Cons of Having a Smart Thermostat

Pros

As we covered previously, smart thermostats provide lots of benefits to your house and utility bill, such as:

  • No need to adjust—Your smart thermostat will pick up on your activities, so you won’t need to use up time adjusting programs or remember to adjust it.
  • Knows when you arrive and take off—As a lot of smart thermostats geofence with your phone, your home will go into an energy-efficient setting when you take off and be comfy when you arrive.
  • Remote temperature control—You’ll be able to see your home’s settings from nearly any location, due to an app on your phone.
  • Supervise heating and cooling use—Most smart thermostats offer detailed data through their app, including how long you needed heating and cooling on a particular day.
  • Reminders—Some smart thermostats will remind you of crucial maintenance tasks, including when you need to get a new air filter.
  • Extra savings—Most local energy companies have rebates for smart thermostats, so check with yours for more information.

Cons

However, there’s a few areas you should take into account when considering installing a smart thermostat in your residence:

  • Compatibility—Subject to the type and age of your heating and cooling system, a smart thermostat might not work. If you’re unsure, it’s recommended to ask an HVAC pro like Dearing's Service & Solutions. We also suggest having it professionally installed. This confirms that you have the proper number of wires and that it’s hooked up accurately. Some systems don’t come with a common wire, which results in compatibility troubles with a smart thermostat. This wire powers your thermostat, so if your home doesn’t have a C-wire, we can put one in.
  • Housing situation—If you own your home and are planning to live there for years, it’s a smart investment to get a smart thermostat. If you’re thinking about moving soon or rent, we advise delaying unless you want to take the thermostat with you. If you rent, you’ll usually need to have your landlord’s permission first prior to adding 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 often at the house? If that’s your situation, you might not see as big of savings, but you’ll have the convenience of not needing to program or adjust a thermostat.

Trust Dearing's Service & Solutions for Your Smart Thermostat Needs

At Dearing's Service & Solutions, our number one priority is to keep your house cozy while helping you save on heating and cooling bills. If you’re thinking about installing a smart thermostat, our pros can help, from choosing the ideal model to expert installation. Call us at 812-200-5844 today to learn more.