With cooler weather looming, consumers in need of a new thermostat are more likely to purchase a smart thermostat than ever before. According to Markets Insider, “US demand for smart and connected thermostats is forecast to increase 23 percent per year through 2022 to 14.5 million units.”
The contributing factor to the rise in smart thermostat purchases is largely due to rapidly declining prices, which Markets Insider says will support multiple-unit consumer adoption. Additionally, the potential energy saving benefits have contributed substantially to sales.
Up until recently, programmable thermostats were the only choice consumers had in choosing an independent operating thermostat. However, many consumers found the thermostat too confusing to operate or programmed it incorrectly, thus making the programmable thermostat only as good as the individual programming it. Smart thermostats operate much differently, often taking the guesswork out of programming and operating.
Partnerships between smart thermostat manufacturers and HVAC contractors and homebuilders are on the rise. This is due to the mutual benefits received by both parties, including:
- Smart thermostat manufacturers gain access to customers via established relationships that contractors and homebuilders already have.
- Clients will be educated about the potential cost and energy saving benefits.
- Likelihood of an extended relationship when the smart thermostat is installed in new constructions, as homebuyers are likely to keep and maintain the brand.
It is estimated that, by the year 2025, most homes will have switched from traditional thermostats to smart thermostats, fully saturating the market and pushing homes toward a “smart home” model.
According to a Las Vegas heating repair company, there are four main benefits of a smart thermostat:
- Bigger energy savings. Smart thermostats are designed to nudge consumers toward energy-friendly habits, recommending when to turn down heat or AC and giving rewards like badges when the consumer has reached new levels of energy efficiency. As a result, the average smart thermostat is, “estimated to save homeowners $130 to $145 per year, quickly paying for themselves.”
- Easier to use. Modern touchscreens with intuitive, user-friendly layout provide consumers with a straight-forward way to control their heating and cooling units.
- Remote access. Consumers are able to access their thermostat from their phone, meaning they can quickly change the temperature even while at work or on vacation. A change in plans doesn’t mean wasted energy costs. The heating or cooling unit can be changed remotely so energy isn’t wasted until it is actually needed.
- Information when you need it. Smart thermostats can alert consumers if the temperature goes above or below a pre-set range, which could indicate a potential issue. Alerts are also issued for power outages and maintenance alerts, making sure the unit is operating at peak efficiency. Some even sense when it’s time to change the air filter, eliminating the guesswork in owning a heating or cooling unit.
With the many benefits of a smart thermostat, combined with the decreasing product cost, it is no wonder consumers are clamoring to install them in their homes.