How Much Money a Smart Thermostat Will Actually Save You

Nov 21, 2022|

When it comes to smart home devices, a smart thermostat is one that many homeowners can’t do without.

These smart devices not only automatically make your home more comfortable, but they help you save energy and money as well.

Woman changing the temperature on her Vivint thermostat.
 

What is a smart thermostat?

Before we dive into how a smart thermostat helps you save on your monthly energy bill, it’s helpful to know what a smart thermostat actually is, and how it differs from other types of thermostats.

There are three main types of thermostats:

  • Manual thermostats, which require you to physically adjust the temperature on the thermostat settings anytime you want to make the home warmer or cooler.
  • Programmable thermostats, which let you program the temperature in your home to automatically adjust based on certain times of the day. (For example, you can program your thermostat to a higher or lower temperature when you’re away at work all day.)
  • Smart thermostats, which automatically adjust throughout the day to improve energy efficiency and don’t require programming.

Of the three, manual thermostats are the least likely to save you money because they require you to do everything—if you want the thermostat to run at a lower temperature while you’re asleep, you’ll have to remember to turn the temperature settings down before you go to bed. Otherwise, the heating system will continue to kick on throughout the night.

Programmable thermostats are slightly better in that once you program them, you can put your thermostat completely out of your mind. However, you’ll need to remember to actually program it. And according to one survey, approximately 40% of people with programmable thermostats don’t actually use the programming feature. Programmable thermostats also don’t take into account anything that make come up during the day that changes your routine; for example, if you end up working late, you can’t change the settings remotely to cut down on your energy usage while you’re away.

Smart thermostats, on the other hand, are the best way to cut down on energy consumption and heating and cooling costs because they learn your temperature preferences, then automatically adjust the temperature in your home to help you save energy and money. They are also connected to your home’s wifi, which allows you to control them remotely via a smartphone app or voice control, if you have a smart assistant like Alexa.

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Do smart thermostats save energy usage?

A home’s HVAC system (the air conditioner and the heating system) typically uses the most energy and will comprise the majority of your utility bills. Cutting down on energy consumption is the most effective way to save money on your cooling and heating bill.

Smart thermostats are one way to cut down your energy usage.

Smart thermostats help you conserve energy by keeping the thermostat as low as possible (based on your preferences) for as long as possible. And the nice thing about them is that they do it without sacrificing your comfort.

Not only does less energy consumption help you with your utility bills, but it’s also good for the environment. If everyone used a smart thermostat, Americans would save $740 million each year while offsetting 13 billion pounds of annual greenhouse emissions.

Elderly man adjusting his Vivint thermostat.
 

How smart thermostats help you save money

The average electric bill in the United States is $117 each month, with the average gas bill adding another $61 to that—an amount that adds up to over $2000 each year.

Studies show that using an Energy Star smart thermostat in your home can help you save 10–12% on heating usage and 15% on cooling. Depending on how much you spend on your home’s heating and cooling costs, installing a smart thermostat can add hundreds in savings each year.

A smart thermostat works to help you save money and energy in a few different ways, including:

  • Learning your routine and preferences. When you first get your smart thermostat, you’ll set your desired settings throughout the day. For example, maybe you like the temperature around 72 degrees during the day, but 68 degrees at night while you sleep and 65 while you’re at work during the day during the winter. Or, during in the summer, you prefer your air conditioning to be on during the day and off at night. Your thermostat will memorize these settings.
  • Automating temperature settings. Smart thermostats take the work out of having to program and set your thermostat. Instead, they take the learnings from your preferences and use smart home automation to adjust your temperature settings for you. This lets you save money and energy without even thinking about it.
  • Sensing location. Smart thermostat features include geofencing and in-home sensors, which is used to determine occupancy in the home. The best time to save energy is when no one is home. The remote sensors help your thermostat know when to adjust the temperature down or up (depending on season). Geofencing also lets the thermostat know when you’re getting close to home and will adjust the temperature back to your desired setting.
  • Remote access. One of the best things about smart home technology is the ability to control and manage your home remotely. You can override the thermostat’s automatic settings with your smartphone app or via voice control, so your temperature is always just right.

Some utility companies also provide special rebates or savings for smart thermostats, so be sure to check with your local utility company to see what incentives they provide.

Stay comfortable and save money with a smart thermostat

A smart thermostat can provide some welcome relief from high heating and cooling costs while ensuring you’re always comfortable at home.

Contact our Smart Home Pros and see for yourself how a smart thermostat from Vivint integrates with your smart home to keep your home comfortable while conserving energy. Give us a call at 855.822.1220 today.

 

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