You may have recently seen the news that over half of British households will see an increase in their cost of energy at the end of April. Ofgem, the regulator who sets maximum prices for gas and electricity default tariffs, have raised the price cap. This means customers who are on a ‘standard’ default tariff will pay an average of £117 a year more, totalling a massive £1,254 annually. Even customers on prepayment meters, often the elderly or vulnerable, will see a price rise of £106 up to an average of £1,242 annually.
While switching deals and fixing prices remains the best way to save energy costs, with a typical household saving £200 annually, it’s obvious that energy costs need to be controlled. Does a smart thermostat therefore make sense to help cut costs and reduce that energy bill shock?
Smart Thermostats: How much do they claim to save?
It appears the latest game is claiming that your smart thermostat saves more than the next companies. Tado says their product will ‘pay for itself in a year’ reducing bills up to 31%. Netatmo go higher and say 37% saving! British Gas and Hive stick to a £130 saving a year. But are these numbers true? Or are they only working from a worst case scenario to the best possible saving?
Will I save money?
Nest and independent studies say customers save on average 10-12% with a smart thermostat. A considerable difference from 37%, but still a great way to save money. Nearly 50% of households with programmable thermostats set them up incorrectly or don’t bother using them. Smart thermostats take the hassle out of this, ideally never forgetting to adjust your temperature.
BUT this does mean you’re much more likely to see savings if you don’t currently bother adjusting your thermostat and make the most out of your programmable one. If you always turn it down when leaving the house, have it set to optimum settings, turn it down at night, then you will see less energy savings.
You’re far more likely to make savings if you are tech-savvy enough to engage with the various apps on offer and have a varied lifestyle that can’t be easily programmed. Being able to set temperatures and turn off on the go is of benefit if you never know where you’re going to be, but if you have a mostly standard 9-5 routine, then it may be less useful. Finally make sure you’re going to stay in the same property to enjoy the benefits. It might sound simple, but if you’re looking to save money through a smart thermostat, don’t leave it behind when you move after 1 year.
Are smart thermostats worth it?
So are smart thermostats a sensible way to save money? Quite possibly depending on your circumstances and certainly one that’s worth investigating! They also have a range of other benefits based on whole home control and comfort depending on the solution you choose.
However if you’re looking to develop your own solution, just get in touch! Here at Ovon we’re experts at developing heating solutions, from the very early concept and prototyping to manufacturing. Through the process our projects get prepared to go to market not only with the best device but also with the data, security and cloud infrastructure to enable it. Passion for product design and progressive iteration are the key elements for us.