The hottest time of the year has arrived. The U.S. Energy Information Administration (EIA) shared some results from their 2015 Residential Energy Consumption Survey in regards to air conditioning.
A programmable thermostat can save you a ballpark 15% on your cooling bill, with the average household saving $10-$15 per month. A programmable thermostat will adjust based on a preset schedule of when you expect to be home, away, or sleeping. Various studies (Nest whitepaper) have shown that you can save about 10% on heating and 15% on cooling, with the averaging household bill going down by about $10-$15 per month.
Prices start at only $20 for basic models, but you could theoretically break even in two years even with a fancy $250 thermostat. This highly-rated touchscreen model is $45 and this basic Honeywell version is only $20. Newer smart thermostats like the $250 Nest Thermostat and $250 ecobee4 can learn how you like the temperature and also work with WiFi and Amazon Alexa so you can change the settings wherever using your smartphone or with your voice.
So… you’d think they would be quite popular, right?
Less than 20% of homes with central air conditioning regularly use a programmable thermostat. Heck, only 30% of folks who already have a programmable thermostat installed actually use them. The article doesn’t explore the reasons behind this behavior. Maybe it’s just too complicated to program? They tried it and didn’t like it?
In case you’re curious, below are the average temperatures at which other people report setting their air-conditioning thermostat. Hmm… is it weird that my house is usually around 78 or 80 degrees?
Bottom line. Using a programmable thermostat is a pretty reliable way to save money your electricity bill. But for some reason, people don’t use them! Using a smart thermostat is a less reliable way to save money (higher upfront cost, lower marginal benefit over basic programmable thermostat), but if the alternative is doing nothing, then it could be worth the additional upfront investment.