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How Much Money Can a Smart Thermostat Save?

2022 / 12 / 29

This is a tricky question to answer, and it depends on a lot of different factors such as your current heating system, your location, the size of your rooms and your behaviour. Let's start by establishing some basics; heating your home accounts for 41 to 63 percent of your total energy bill. Nest, one of the leading smart home companies, released a white paper stating that smart thermostats lower heating bills by an average 12% while Nest's main competitor, Ecobee, estimates savings to be as large as 23%. The truth is likely to be somewhere in the middle.

Small Wins
It is important to realize that a smart thermostat can only save you money within the boundaries you define. This is a small wins game where many small wins add up to substantial energy savings. For every degree Celsius (1.8 F) you lower the temperature for 8 hours, you save 2% off of your energy bill. This doesn't seem like much but consider this example:

Let's assume you leave your home for about 9 hours every day, and that you sleep 7 hours a day. Heating a room takes some time so we will account for that in our calculation. If you lower the temperature by 8 degrees Celsius during the day, and by 4 degrees Celsius at night, you will save about 18% off of your heating bill. *

Not Every Home(owner) is Equal
Total savings depend on the specific situation, and it is difficult to give an estimate that will be accurate for every homeowner. However, here are some cases or scenarios where smart thermostats are most beneficial.

For homes with separate thermostats controlling different heating zones (think floors or even rooms), energy savings will be higher because you have more granular control over which rooms are heating. For example, you don't need the guest bedroom to be as warm as your own bedroom, unless you have a guest.

The colder the climate, the more you can save on energy by lowering the temperature during the day or at night.

The higher your energy rates, the more you can save by using a smart thermostat because every percentage you save equals a larger amount of money.

For vacation homes, cottages and cabins, smart thermostats work well because you can ensure heating is off (or to a minimum) when you are not there. As well, you can start heating your vacation home before your arrival so you can actually take off your jacket when you enter the property.

Final Thoughts
Admitted: you can achieve most of the same benefits with a regular (non)programmable thermostat, but it takes a lot of effort. Unless you are incredibly diligent about adjusting your programmable thermostat' schedules and temperature settings, smart thermostats make a lot of sense for your wallet. I have lived with Mysa's smart thermostats for the last two months now, and it has surely made an impact on how I go about heating my home. I'm no longer wasting money heating an empty home. At this point, I wouldn't even be able to tolerate any regular thermostats, and I like that I can lower my utility bill right from my smartphone.

* Calculation Specifics:

2% per degree per 8 hours  = 0.25% per degree per hour

Lowering the temperature 6 degrees for 8 hours (day) would save you 6 * 8 * 0.25 = 12% on your energy bill

Lowering the temperature 4 degrees for 6 hours (night) would save you 4 * 6 * 0.25 = 6% on your energy bill

Combined, you'll save 18%

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