Thermostat manufacturers say that you will recoup the costs of your smart thermostat in as little as two years. But is it true? Here we’ll review smart thermostats and let you know if they are a worthy investment!
A Look Into The Savings
Nest Labs, a large smart thermostat manufacturer, did a study and found that users save around 10-12% on heating and 15% on cooling, which translated into about a $131-$145 savings in a year.
With retail prices of smart thermostats being at about $250, it would then only take two years to pay it off. But there are still a few other factors to consider…
Here are some things to consider before you purchase a smart thermostat:
- Are you already strict about your heating and cooling? If so it may not save you much money, alternatively it could save you a lot of time.
- Do you live in a temperate climate? If so you may not see a lot of savings because you likely aren’t using your heater or air conditioning that often.
- Costs of utilities in your region. Lower costs mean fewer savings, and higher means more.
- HVAC Unit And Home Insulation. If you have great insulation and a nice HVAC unit you likely will have lower savings as your home will be better at keeping a consistent temperature.
Overall, Is It Worth It?
You will need to take a look at your situation to answer this question. If you spend a lot on heating/cooling on your home now, and you aren’t home that much then it’ll probably save you money in just a few years. Or maybe you are already strict about your home’s temperature now but don’t want to worry about it that much, then it also would be good to get one. Take a look at your situation and your energy spending habits and you’ll be able to figure out if it’s right for you.