Do Smart Thermostats Really Save Consumers Money?

Can smart thermostats really help save money on your energy bill?

Global News, May 1, 2016. Image credit: Nest

According to a recent study commissioned by Telus, one of the greatest perceived benefits of living in a “smarter” home includes saving money and being greener. Of those who currently own a smart home gadget, 36 per cent have invested in a smart thermostat.

But do smart thermostats really help save money on your energy bill?

Nest and Honeywell have savings calculators on their websites that allow you to see how much you might be able to save with the thermostats, depending on where you live, the size of your home and what type of heating you use.

According to Nest’s calculator, a 500 to 1,000 square foot home in North York, Ont., that has air conditioning and gas heating could see a savings of $35 to $94 per year.

That means you might not see a return on investment for a few years.

But – according to research from 2011 – nearly 90 per cent of people with programmable thermostats don’t program them properly or at all because of their frustrating user interfaces.

Roy added that smart thermostats can also promote greener living and added savings by offering visual cues and daily goals that tell users they are reaching their energy saving goals. Think of it like a fitness tracker for your home – positive reinforcement does work.

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