How to Save Money on Your Electricity Bill Using Smart Home Appliances

Using smart home appliances can help you save money by letting you control when they run.

Smart home appliances have really come into their own in the last few years, growing in popularity as they become smarter, making life easier for homeowners while also helping them save money.

Smart home appliances have moved from simply making life a bit easier to actually helping homeowners put money back in their pocket. We thought it might be fun to have a quick look at the best smart appliance categories and see how they can help you save money on your monthly bills.

Save Electricity, Save Money

One factor that has led to the popularity of smart appliances is the fact that electric companies and other utilities started using smart meters, which can monitor your utility usage and bill accordingly. Many electric companies charge more for electricity during peak demand times, which typically run between 10 a.m. and 7 p.m.

Smart appliances can help you save money by letting you control when they run. Dishwashers and dryers for example can be programmed to run in the middle of the night in order to take advantage of off-peak pricing. It is also possible to have your oven run its self-cleaning program during low demand hours.

A smart thermostat is another example of a money saving device that also makes your life easier. Nest and other smart thermostats let you set a schedule for your HVAC system so your home is not wasting heat or air conditioning while you are at work or away on vacation.

You can even program them so they heat (or cool) your house right before you walk in the door, this helps save money while making sure your home is just the right temperature when you arrive home.

Smart lighting offers many of the same advantages, allowing you to turn your lights off and on remotely which can result in electricity savings while also helping keep your home safe. It is now easy to turn off the lights you left on by accident from pretty much anywhere in the world (as long as you are connected to the Internet) to help keep electricity use down.

The flip side to that coin is the ability to turn lights on and off when you are out of town to help create the illusion that someone is at home. Connected doorbells and security cameras also make it easy to monitor your home when you are out of town and alert the authorities if you see something amiss.

Upfront Costs Can Be Steep

Smart appliances can be costly and if you are uncomfortable doing the installation yourself (and many of us are) you will have to include installation costs when setting a budget for your new appliances.

According to experts, the typical installation cost of a smart appliance is around $190 but that can vary depending on where you live and what type of appliance you are having installed.

The appliance itself can also run up your costs. A Nest thermostat is significantly more expensive than a run of the mill thermostat so make sure the cost fits into your budget. Personal finance experts recommend saving up for the smart appliance instead of making an impulse purchase.

In many cases, the appliance will pay for itself within a year or so thanks to increased efficiencies and helping you avoid running appliances when you are not home. In some cases, they will even alert you to your own mistakes. Certain smart fridges will text you if you accidently leave the door open.

While smart appliances can be pricier up front, you will almost always get your money back and then some over the life of the appliance. In addition to electricity savings you may save on repair and maintenance costs. Smart appliance manufacturers can often run diagnostics, update system settings and even perform major upgrades remotely, eliminating the need for an expensive service call.

In addition, some insurers offer discounts for smart appliances. Check with your agent to see which smart appliances may help you qualify for a discount.

Tips

If you are thinking about putting some smart appliances in your home, here are a few tips.

• Start simple, consider a few smart light bulbs to ease yourself into the smart appliance pool and make sure you are comfortable with the technology.
• Always make sure that the technician doing the installation has experience with the specific smart appliance you are having installed.
• Stay within your budget, its easy to get carried away once you have been bitten by the smart appliance bug. Make sure that the smart appliances you are considering will have a positive impact on your life and finances.