Smart Thermostats Can Save Homeowners Money

Published on November 29, 2018

According to Navigant Research, smart thermostats generated $1.3 billion in global sales in 2017, making them one of the most popular smart-home technologies on the market today.  

A popular smart thermostat company, Nest, estimates that homeowners who install a smart thermostat can save between $131 to $145 on utility costs every year.

A smart thermostat can be remotely controlled by the homeowner from their internet-connected phone or tablet, and some will even use sensors to detect when someone enters a room and will adjust the temperature accordingly.

An additional rebate or discount can be obtained if the homeowner agrees to a demand response program, which allows the utility company to somewhat adjust their home’s temperature during peak demand hours - if the utility company is setup for the program.

These programs are able to be overridden by the homeowner; as they can still adjust their thermostat and the demand response program will understand that the homeowner is choosing to set their own temperature.

According to the Smart Electric Power Alliance, on very hot days when these programs will have the greatest effect, customers sometimes opt out because they do not want their air conditioning to be turned down.

Some utility companies offer programs that will allow them to turn off a customer’s electric water heater for a short time, and they find that many customers do not notice when they do this and therefore have no reason to opt out.

Sarah Gulezian, senior manager of dynamic pricing programs at Elevate Energy in Illinois, has said that almost everyone can benefit in taking part in programs that help to reduce home utility usage during high-demand hours.

“By taking simple actions, you can help save on your electricity bill and have a positive impact on the environment as well,” said Gulezian.

Reducing Home Utility Usage

Reducing home utility usage and lowering utility bills can be accomplished by improving your home’s level of energy efficiency. Through energy efficiency improvements, your home can become more comfortable, have better air quality, have an increased value on the housing market, and a lower impact on the environment.

Figuring out how to improve your home’s efficiency can be a difficult task to undertake by yourself, but by contacting Barrier Sciences Group and setting up an appointment for our Registered Energy Advisors to come into your home and conduct a Home Energy Assessment, you can be made aware of all options for improving efficiency that are compatible with your home, and which options would net you the greatest efficiency improvements per dollar spent.

Quite often, the most effective way that a home can improve its efficiency is by simple and cost-effective modifications, such as improving the level of insulation in the attic, or finding and sealing air leaks, but an assessment can determine exactly what options are the best fit for the home and your needs.

Additionally, a Home Energy Assessment can help homeowners in Ontario qualify for the home renovation rebates that are currently available to both Enbridge and Union Gas customers - making it even easier to see a return on your efficiency improving investments.