Smart tech has grown by leaps and bounds over the last decade. It has gone from a pricey luxury for a few to, well, a household name. At least a quarter of the households in the United States has at least one piece of home smart technology and researchers say that’s a low estimate. Other forms of home smart tech have taken off as well and promise savings when it comes to your energy bill.
Smart thermostats, such as Nest and Ecobee offer solutions for folks who want to live comfortably while still having the option to save energy, which means saving when it comes time to pay the utility bill. But how much can you really save?
A new study from electric supply company Crescent Electric shows exactly that. Using an average from the Nest system and the Ecobee system, the company found the average monthly and yearly savings for each state. Certainly everyone’s bill and savings will vary depending on how they like to live and what temperatures they prefer, but this is a good estimate to get you in the ballpark for your savings.
Hawaii tops the list for savings with an average of $439 per year in savings. On the opposite end of the spectrum, New Mexico has the lowest yearly savings at just $233 per year. The good news is that every state would have at least some savings.
So why the big difference in savings?
According to Crescent Electric, it’s because how the numbers were pulled and crunched. The numbers come from the US Energy Information Administration. The savings were based on a percent average from the two systems. Therefore, the states with the highest electricity bills would see the most savings due to the percent savings.
As for why different states see such variance in their bill, the company said that it is due to location, energy source, and taxes. Certainly homes in some areas that are naturally hotter or colder will need more energy to keep temperatures inside comfortable. Also, what utilities use as their source of energy affects the price. Solar, wind, coal, etc. all have different costs and that trickles down to the consumer.
In all, if you plan to live in your house for a few years, a smart home thermostat is a good option for you to save energy and save money. The less strain we put on our power grid the better and that will mean less strain on your wallet. Even with installation fees for these systems, they’ll pay for themselves within a couple years and you’ll enjoy the smaller bills in the meantime.