Smart Thermostats: Do They Actually Save Money?

Smart Thermostats: Do They Actually Save Money?

A smart thermostat is a Wi-Fi-enabled thermostat that allows you to control your home's heating and cooling system from your smartphone. They're a popular smart home device, and they're often touted as a great way to save money on your energy bills. But do they actually live up to the hype?

How Do Smart Thermostats Save Money?

Smart thermostats save money by learning your habits and creating a schedule that automatically adjusts the temperature of your home when you're away or asleep. By not heating or cooling your home when you're not there, you can save a significant amount of money on your energy bills.

The Potential for Savings

According to a study by Nest, one of the most popular smart thermostat brands, a smart thermostat can save you an average of 10-12% on your heating bills and 15% on your cooling bills. This can add up to a significant amount of savings over the course of a year.

Factors That Affect Savings

The amount of money you can save with a smart thermostat will depend on a number of factors, including:

• Your climate: If you live in a climate with extreme temperatures, you'll see more savings than if you live in a mild climate.
• Your energy rates: The higher your energy rates, the more money you'll save.
• Your habits: If you're already good at manually adjusting your thermostat, you'll see less savings than if you're not.

Are They Worth the Investment?

A smart thermostat can be a good investment, but it's not for everyone.

• Choose a smart thermostat if: You're looking for a way to make your home more comfortable and convenient, and you're also interested in saving money on your energy bills.
• Stick with a programmable thermostat if: You're on a tight budget or you're already good at manually adjusting your thermostat.

Top Picks for the Best Smart Thermostats

Here are a few of our favorite smart thermostats:

• Nest Learning Thermostat: The Nest Learning Thermostat is one of the most popular smart thermostats on the market. It's easy to use, and it has a number of great features, including the ability to learn your habits and create a schedule automatically.
• Ecobee SmartThermostat with Voice Control: The Ecobee SmartThermostat is another great option. It has a built-in Alexa speaker, and it comes with a remote sensor that you can place in another room to help to even out the temperature in your home.
• Honeywell Home T9 WIFI Smart Thermostat: The Honeywell Home T9 is a great budget-friendly option that has a number of great features, including the ability to set a schedule and control the temperature from your phone.

The Bottom Line

A smart thermostat can be a great way to save money on your energy bills and make your home more comfortable and convenient. But it's not a magic bullet. The amount of money you can save will depend on a number of factors, including your climate, your energy rates, and your habits.