Is A Smart Home Really A Cost-Effective One?

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You’ve probably heard it before – smart technology can save money. However, with the hefty price tag attached to pretty much every smart device on the market, it can be difficult to believe that it’s true.

With more and more families taking out loans for a short time in financial emergencies and being on a budget seemingly becoming the norm, could smart homes be the answer to a more cost-effective way of life? We’re exploring in more depth, below.

How Could They Help?

First thing’s first, we need to determine just how smart devices can help us save a bit of money and that can all come down to which devices you choose. Thermostats, home appliances, refrigerators – these can all help to make our lives easy with a spot of WiFi and smart connectivity.

With the device installed and more often than not an app on our phones, we can control our energy consumption, and therefore costs, to suit our budget best. A smart thermostat could adjust depending on who is in the house, what the weather is like and where it arguably needs to be, while smart lighting will dim or switch off when no ones in the room.

However, this only really saves a few pennies. This does add up, but it could be a good few years before you see your initial investment in smart tech actually paid off.

Smart Devices Can’t Do It All

In addition to the length of time it takes to pay off the investment, you’ll also need to take into account that no smart device can do it all. What do we mean, you ask? Well, the effectiveness of each device can often depend on your home environment, the other technology you have in the home and more.

A thermostat that adjusts according to temperature, presence or the weather might not be as effective if the house it’s installed in has poor insulation or draughty windows. Similarly, the aforementioned smart lighting could end up costing you more if you have a pet, or simply won’t make any difference if there are a number of you in and out of the house all of the time.

For this reason, the best smart homes are those that were built with this technology in mind. Making the switch to smart living can come with hefty costs, to begin with, especially if you want to prepare your home or building to get the very best out of the devices you have. This, of course, can be quite the initial payout.

The Initial Cost

While smart devices shouldn’t be written off entirely, those on stricter budgets may not have the funds available to start up a smart home, to begin with. With devices often costing upwards of hundreds of pounds or dollars, the device may not pay for itself for another 1-2 years.

For that reason, you need to take into account all of the work that might need to be done, the cost of the device itself, as well as the predicted savings it could bring you before you invest in any kind of smart home tech.

Smart devices are an incredible addition to our day to day lives. They can make things easier, save us money in the long-term and help to produce an eco-friendlier home overall. However, with substantial costs for the devices themselves and an abundance of other changes you may need to consider, doing your research before you indulge in this kind of technology is a must.

Author: Jeanne

Jeanne San Pascual is a Marketing Manager at ContentHow and a freelance copywriter. In her roles, she wears a gamut of different hats—from running extensive marketing campaigns to writing copy that converts—all to ensure business success on the web. Visit her site to know more about her work and how she can help you!