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

December 07, 2020

Keeping your Bartlesville home cozy can eat up a big chunk of change. A typical homeowner spends about $172 on monthly utility costs, according to ENERGY STAR®, or around $2,060 yearly. At least half of that is consumed by heating and cooling.

Most houses rely on programmable thermostats, but most people don’t bother to set them. The process is bothersome, detailed and only gives you limited options for desired temperatures. When your residence is kept at an identical setting throughout the day, it consumes gas and electricity and adversely affects your monthly expenses.

Smart thermostats adjust to your routine and modify the settings to coordinate it. But can installing one really conserve money on heating and cooling? Yes, and here’s why.

Studies Show Smart Thermostats Save on Utility Costs

Independent studies have determined these devices can produce major savings.

These studies included home heating and cooling bills in 41 states before and after putting in a Nest smart thermostat. Nest said the study showed its thermostats can save up to 12% on heating and 15% on cooling, resulting in an average savings of $131 to $145 yearly.

With the average smart thermostat costing between $100–$250, those savings can help it pay for itself. And the majority of local energy companies have rebates for smart thermostats because they’re ENERGY STAR® certified.

How Does a Smart Thermostat Work?

After your smart thermostat is put in, you’ll initially use it just like your old thermostat. You’ll switch it up and down, so the thermostat can determine your preferences. Then, it will start developing a program that helps you conserve more money, whether you’re at home or out and about. Because it geofences with your smartphone, you won’t have to think about adjusting it when you leave or get back.

Pros and Cons of Getting a Smart Thermostat

Pros

As we talked about prior, smart thermostats give lots of perks to your residence and heating and cooling costs, such as:

  • No need to set—Your smart thermostat will pick up on your schedule, so you don’t have to use up time using programs or remember to turn it up or down.
  • Knows when you come and go—Since a lot of smart thermostats geofence with your phone, your residence will be put into an energy-efficient setting when you take off and be cozy when you arrive.
  • Remote temperature control—You’ll be able to watch your house’s temperature from nearly anyplace, because of an app on your phone.
  • Monitor heating and cooling use—Many smart thermostats offer in-depth data through their app, including how long you required heating and cooling on a specific day.
  • Reminders—Select smart thermostats will let you know about crucial maintenance tasks, such as when you need to change your air filter.
  • Added savings—Many local energy companies have rebates for smart thermostats, so contact with yours for more info.

Cons

In spite of that, there’s several things you should consider regarding adding a smart thermostat in your home:

  • Compatibility—Subject to the type and age of your heating and cooling system, a smart thermostat might not work. If you’re not sure, it’s best to check with an HVAC professional like Farris Heating & Air. We also recommend having it professionally installed. This ensures that you have the correct number of wires and that it’s linked correctly. Some systems don’t come with a common wire, which causes 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 residence and plan to reside there for years, it’s a smart investment to install a smart thermostat. If you plan to move in the next year or rent, we advise holding back unless you plan to take the thermostat with you. If you rent, you’ll usually need to have your landlord’s permission first ahead of 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 its lifetime 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 large of savings, but you’ll have the benefits of not being required to program or adjust a thermostat.

Trust Farris Heating & Air for Your Smart Thermostat Needs

At Farris Heating & Air, our number one goal is to keep your house comfortable while helping you spend less heating and cooling bills. If you’re wanting to install a smart thermostat, our pros can help, from choosing the best model to expert installation. Call us at 918-534-8194 today to learn more.