Here’s Where You’ll Save The Most Money with a Smart Thermostat
Investing in smart home technology is a big decision. See what benefits you’ll reap based on your state.
Smart home technology sure has come a long way: There's a voice command for just about anything, and our homes are more customizable than ever before. But, there's more to smart home technology than luxury—it can save you money, too! To make our lives easier and more affordable, smart thermostats control your home’s temperature based on a schedule, so, for example, you’re not blasting the AC while everyone is at work and school.
Most people will argue the installation costs of smart thermostats outweigh the monthly savings. While that may be true at first, like any good investment, you just have to be patient to reap the rewards. To prove it, Crescent Electric conducted a study to find the average monthly and yearly electricity savings for homes that use smart technology. Their findings were broken down by state using data from the U.S. Energy Information Administration.
To decide whether it’s worth the cost, Crescent Electric calculated the months each state would need to recoup their investment. Considering the average cost of installing a smart thermostat is $799 (which includes, say, a Nest Learning Thermostat, $227.99 on Amazon), it takes between 22 to 41 months to make up the difference. Everything after that is money saved that you can put straight into your next vacation fund. Especially for folks on the lower end of that investment range, having a smart thermostat can really make a difference in your bank account.
Topping the list is Hawaii—as if we needed another reason to move to the Aloha State. There, it takes an average of 22 months to pay off the installation fees, and after, homeowners can expect to shave approximately $37 off their monthly bill.
There are a few factors that go into states’ average savings. One, and this may be obvious, is usage. Residents in states that see less extreme weather don’t need to adjust their thermostat as often. Users can also have varying electricity costs due to energy availability, energy sources, and taxes, according to Crescent Electric. If you live in a state that has high average yearly bills, you’ll ultimately save the most with smart home thermostats.
To see the full list with all 50 states, check out the complete study from Crescent Electric. It may help you finally pull the plug on your decision to invest in a smart home thermostat—or make your decision to move that much easier.