February 2, 2023

Can a smart thermostat reduce your home’s energy costs?

Consumers can lower their electricity bills by making their home a smart home. A smart thermostat is a great place to start. It’s an energy management device that reduces your home’s energy costs.

Several factors can affect your electricity bill. Do you use more energy than you need? A few simple daily habits can help you save on heating costs. Learn more in our article 10 simple tips to save on your heating bill.

Save between 10-15%

If you still have an old dial-type thermostat, you likely consume more energy than necessary and pay more for it too. A basic electronic model will lower your annual heating bill by about 10% and reduce your overall energy consumption.

Both an electronic and smart thermostat can offer similar savings.

However, a smart thermostat can help you save up to 15% on heating costs. But you have to put in a little effort by lowering the temperature whenever you go out. Most people forget, and lose out on savings.

Tip: program your energy management device to help you save even more.

Need a gentle heat source that also creates a nice ambience? A wall-mounted electric fireplace can function as decor and a space heater. 

How much does it cost?

The price of a single smart thermostat with Wi-Fi for electric baseboard heaters or heat pumps costs between $100 to $300 and up. If you have a house, you might need more than one. Smart thermostat grants are sometimes available, so be sure to check before you buy.

A heat pump thermostat reduces heating costs by 10-20% and air conditioning costs by about 15%.

If you commit to lowering the temperature at night or when you leave the house, depending on the type of smart thermostat you install, your purchase could pay for itself in less than two years.

Thinking about installing heated floors in different rooms? It’s a tempting idea, but before you renovate, check out our article on how much does a heated floor cost.

Added protection

One good thing about smart thermostats is that they connect to Wi-Fi. You can download the model’s app to track your consumption in real time, gain insight into your routine, and use the information to make adjustments that save you money. Some models can even send alerts if they detect a carbon monoxide leak, smoke, a heating device issue, etc.

If your electricity bill is too high, it’s also a good idea to check your home’s insulation. Keep cozy in the cold season with our tips on how to insulate an existing home.

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See also:

How to insulate an existing home

5 signs of inadequate home insulation

Renovation subsidies available

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