Do smart thermostats actually save money?

Installing a quality smart thermostat can take your energy savings to a new level. In fact, smart thermostats like the ecobee smart thermostat can reduce energy bills by up to 23%. That can translate to hundreds of dollars in savings every year. Smart thermostats are a win-win for homeowners.

Are smart thermostats worth the investment?

There are a couple of ways a smart thermostat can help save money on your energy bill. First, programming your thermostat correctly can save you almost $200 a year alone. Analysis conducted by ecobee on their customers' data found that some smart thermostat users saved up to 23% on their heating and cooling costs.

How much does a smart thermostat save per year?

How much will the average ENERGY STAR smart thermostat save? On average, savings are approximately 8% of heating and cooling bills or $50 per year. Savings may be greater depending on climate, personal comfort preferences, occupancy, and/or heating/cooling (HVAC) equipment.

How do smart thermostats save the most money?

The colder the climate, the more you can save on energy by lowering the temperature during the day or at night. The higher your energy rates, the more you can save by using a smart thermostat because every percentage you save equals a larger amount of money.

Do new thermostats save money?

According to the U.S. Department of Energy, “you can save as much as 10 percent per year on heating and cooling by simply turning your thermostat back seven to 10° for eight hours a day from its normal setting.” The savings is greater for buildings in milder climates than for those in more severe climates.

How Nest Thermostats Saves Money

Can getting a new thermostat save money?

Heating and cooling expenses can get quite expensive. One of the easiest ways to save on these expenses is by installing a new thermostat in your home. Thanks to advancements in technology, some of today's modern and advanced thermostats maximize energy savings to the fullest.

How long does it take for a smart thermostat to pay for itself?

The big smart thermostat manufacturers claim you can recoup the cost of a smart thermostat in as little as under 2 years. Coupled with rebates from your local utility company, that “break even” wait could be even shorter.

What's the benefit of a smart thermostat?

In addition to long-distance control, smart thermostats also allow you to create heating/cooling schedules directly from the app. Not only is this easier than pushing buttons on a control panel, but it also allows for more in-depth temperature management from week to week.

What are the disadvantages of a smart thermostat?

What are the pros and cons of smart thermostats?

Can smart thermostats ruin your furnace?

While these devices are convenient, they are known to cause damage to heating systems both old and new. The reality is that unless properly installed, Nest Thermostat problems can cause damage to furnaces, or destroy them entirely.

Are smart thermostats reliable?

I can say that the four smart thermostats I recommend above -- the Amazon Smart Thermostat, the Ecobee Smart Thermostat Premium, the Resideo Honeywell Home T9 and the Nest Learning Thermostat -- all performed reliably during my testing.

What is the difference between a smart thermostat and a Wi-Fi thermostat?

A smart thermostat can learn and make decisions for you. A smart thermostat, just like a Wi-Fi thermostat, can be controlled by a connected device, such as your cell phone, via an app. Wi-Fi thermostats, however, don't have the ability to learn from your usage.

Are programmable thermostats worth it?

ENERGY STAR estimates that homeowners properly using programmable thermostats can save about $180 a year. Since nearly half of your energy bills are made up of heating and cooling costs, having a programmable thermostat in your home would be a pretty smart move.

Does Nest ECO save money?

This smart feature is why Nest thermostat owners have experienced up to an average of 15% in energy cost savings. With the device's price ranging from about $170 to $250, customers report average savings between $131 to $145 per year in gas or electricity.

Are ecobee thermostats worth it?

The ecobee and Nest are widely considered the best two smart thermostats available. If you read just about any smart thermostat review, you'll see these two almost always come out on top.

How does Nest save energy?

It saves on heating energy with both gas furnaces and heat pumps, and it saves on cooling with air conditioners and heat pumps. All four of the reports go into the details of their methodology, telling how they chose the participants, how they collected and analyzed the data, and more.

Does turning your thermostat down at night save money?

For every degree that you lower the thermostat can help you save up to 1% on your heating costs. So, if you turn down the heating eight degrees for about eight hours a night, you can enjoy a saving of approximately $180 annually on your heating.

How much do you save by lowering thermostat?

The Department of Energy estimates savings of about 1 percent for each degree of thermostat adjustment per 8 hours, and recommends turning thermostats back 7 to 10 degrees from their normal settings for 8 hours per day to achieve annual savings of up to 10%.

Is it worth upgrading my thermostat?

The better thermostat you have, the more efficiently your HVAC system will run. If your thermostat is older than ten years, your system will probably run better with an upgrade to a programed thermostat. Even if you already have a programmable thermostat, a newer unit can mean enormous energy savings.

Can a smart thermostat work without Wi-Fi?

A smart thermostat can work without Wi-Fi because they do not entirely depend on the internet to function properly. However, the functionality will be limited to controlling the home temperature settings and monitoring your energy usage.

How much does it cost to install a smart thermostat?

The average cost of installing a smart thermostat is about $200 to $500. Most homeowners spend around $300 for the installation of C wire and a smart thermostat with auto-schedule function and two-year warranty. On the lower end, smart thermostats with only basic features and an existing C wire cost around $170.

How much can a smart thermostat save me?

Energy Star says their certified smart thermostats save on average 8% on heating or cooling or $50/year on your bill. According to Nest, you can save 10% to 12% on heating and 15% on cooling using a smart thermostat. They say this can result in average savings of between $131 and $145 per year on your utility bills.

Is smart thermostat better than programmable thermostat?

When used properly, programmable thermostats allow you to save up to 20 percent on your home's energy bills. A smart thermostat goes above and beyond a programmable thermostat and is more intuitive when it comes to heating and cooling your home.

Is Nest Thermostat being discontinued?

With the Nest E out of the picture — you can still buy it from some retailers, but Google's officially discontinued it — the Nest Thermostat is one half of Google's product line, with the Nest Learning Thermostat (3rd Gen) sitting at the high-end at $230.