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Smart Tech Brings Economic, Quality of Life Benefits

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Did you know that smart thermostats, such as Nest, can save consumers an average of 10 – 12 percent on heating bills and 15 percent on cooling bills each year? That’s $131 – $145 savings per year!

In fact, smart technologies are currently delivering savings, convenience, and peace of mind to consumers who make the investment in them. Coldwell Banker and CNET’s recent survey shows:

  • 45 percent of those who own smart home technology say they see savings of $1,100 per year.
  • 57 percent of consumers report smart home technology saves them time, giving them approximately an extra 30 minutes per day.
  • 72 percent say owning smart home solutions makes them feel better about the security of their residence. 

Smart Home Technology Growing in Popularity

A Harris poll shows consumers are highly interested in smart home technologies. More than 78 percent surveyed reported that they expect new homes to be equipped with smart home technologies over the next five years. The poll points to several “tipping points” that will impact the rate at which this trend will take off:

  • Cost: 37 percent said they will consider making smart home technology purchases when prices come down.
  • Bugs: Meanwhile, nine percent said they are waiting for technology “bugs” to be resolved prior to purchasing.

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Smart technology provides tangible economic benefits for consumers and the country—and that potential is only growing. According to a Rand report, in the future, we could see a fully deployed smart grid that lowers the cost of electricity for average U.S. consumers—resulting in $1.3 – $2 trillion in financial gains over a 20-year period.

Until then, continued innovation, cost savings, and environmental benefits will make smart tech a worthwhile investment.

Which smart technologies are you most interested in and why? Weigh in with your thoughts here.