How Does a Smart Thermostat Save Money on Heating and Cooling Costs?

December 07, 2020

Keeping your Opelika house cozy can consume a good amount of money. A typical homeowner spends about $172 on monthly heating and cooling expenses, according to ENERGY STAR®, or approximately $2,060 annually. At least half of that goes to heating and cooling.

Many residences rely on programmable thermostats, but most people don’t bother to program them. The process is annoying, detailed and only offers you a couple of options for temperature settings. When your home remains at the same temperature throughout the day, it wastes utilities and negatively influences your monthly bill.

Smart thermostats adjust to your routine and adjust the temp to coordinate it. But can installing one really help you spend less money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Decrease on Utility Costs

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

These studies included home energy bills in 41 states before and after putting in 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 estimated savings of $131 to $145 annually.

With the common smart thermostat priced between $100–$250, those savings can help it pay for itself. And the majority of 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 initially set it just like your old thermostat. You’ll turn it up and down, so the thermostat can figure out your desired settings. Then, it will get to work making a program that helps you save money, whether you’re at your residence or gone. Since it geofences with your smartphone, you won’t have to think about adjusting it when you exit or come home.

Pros and Cons of Installing a Smart Thermostat

Pros

As we mentioned prior, smart thermostats provide lots of benefits to your home and heating and cooling expenses, including:

  • No need to program—Your smart thermostat will pick up on your routine, so you won’t be required to waste time adjusting programs or remember to adjust it.
  • Knows when you arrive and leave—Because a lot of smart thermostats geofence with your phone, your home will move into an energy-efficient setting when you go and be comfortable when you return.
  • Remote temperature control—You’ll be able to see your home’s temperature from nearly any location, thanks to an app on your phone.
  • Monitor heating and cooling use—The majority of smart thermostats give in-depth data through their app, like how long you needed heating and cooling on a specific day.
  • Reminders—Select smart thermostats will let you know about essential maintenance tasks, like when it’s time to get a new air filter.
  • Added savings—Most local energy companies offer rebates for smart thermostats, so call with yours for details.

Cons

However, there’s a few points you should contemplate when considering adding a smart thermostat in your home:

  • Compatibility—Depending on the type and age of your heating and cooling system, a smart thermostat might not be compatible. If you’re not sure, it’s recommended to ask an HVAC pro like Farnell Mechanical, Inc.. We also advise having it professionally installed. This ensures that you have the proper number of wires and that it’s connected accurately. Some systems don’t come with a common wire, which causes compatibility problems with a smart thermostat. This wire powers your thermostat, so if your residence doesn’t have a C-wire, we can put one in.
  • Housing situation—If you own your residence and are planning to live there for a long time, it’s a wise investment to install a smart thermostat. If you plan to move shortly or rent, we recommend waiting unless you will take the thermostat with you. If you rent, you’ll typically need to get your landlord’s permission first prior to getting a new thermostat.
  • Cost—Smart thermostats are pricier than programmable thermostats, and we advise 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 the case, you might not see as many savings, but you’ll enjoy the convenience of not needing to program or adjust a thermostat.

Rely on Farnell Mechanical, Inc. for Your Smart Thermostat Needs

At Farnell Mechanical, Inc., our main priority is to keep your residence comfortable while helping you spend less energy bills. If you’re thinking about installing a smart thermostat, our professionals can help, from choosing the best model to expert installation. Call us at 334-245-4748 today to learn more.