How much money can you save switching to a smart home?

You might have heard by now that smart home devices can save you money. Despite the upfront costs of raising your home’s IQ, the majority of the best smart home devices have the ability to actually help you cut down utility bills. Few devices can even help reduce damage in case of floods or other unexpected disasters, which saves you even more.

You can save thousands with a DIY smart home; the best part is that the savings will not stop after setting up your space. Many smart home devices have energy consumption as well as monitoring features, these do not suck up unnecessary power when they are not in use. Smart plugs, smart lights as well as smart thermostats are particularly energy efficient. A flood detector or automatic water shutoff system are preventive measures in case you have a cracked pipe in your home.

How Smart Tech Will Help You Cut Costs?

Smart tech devices such as thermostats, refrigerators, air conditioners, and other home equipment come with Wi-Fi capabilities. This means you have gained the ability to control these smart devices remotely via an app on your smartphone, and even monitor usage to control consumption to possibly save costs.

These devices are not cheap, though. Some of them cost hundreds or even thousands of dollars for complete smart systems. It might take years before you can recoup the costs of acquiring such systems. For example, an investment of about US$5,000 generally yields cost savings of about US$100 each year, which you might feel is not feasible if you are renting an apartment.

Thanks to their high initial capital outlay, the smart tech usually works well for landlords as well as homeowners who stand to gain cost benefits for the life of the tech. A lot of tenants will get smart devices for aesthetics and to reduce their impact on the environment and rarely for significant cost savings. 

What are top categories of smart home devices that can help save money?

Smart plugs

A smart plug can be scheduled to turn on and off at set times. This helps when you leave lamps or decorative lights on when no one is home and wasting energy. If you wish to read about smart plugs in detail, click here. 

Smart lights 

Lighting stands second behind excessive heating when it comes to denting the monthly bill. Smart lights are generally the gateway for people who are looking to revamp their home into a smart home. 

Smart Thermostats

Heating, as well as cooling, take a huge chunk of monthly bills, as people spend up to half of the average household budget on them.

Smart water leak detectors

If you experience chilly temperatures, smart water leak detectors can help save thousands. The best smart water leak detectors are able to alert you to early signs of a leaking pipe, when you are at home to hear the alarm or if not, you receive a push notification from a smartphone app. As it usually takes about $500 to fix a burst pipe.

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