Just how much can you save on your utility bill if you switch to one of those Nest smart thermostats? Nest says it can finally give you an answer.
Today, Nest revealed that it had been quietly studying the energy- and cost-saving benefits of its smart thermostats since 2013---and that the results of this study are in: Over the past two years, the Nest Learning Thermostat has saved its users 10 to 12 percent on their heating bills and 15 percent on their cooling bills.
In monetary terms, Nest claims, this translates to an average savings of $131 to $145 a year. And since a brand new Nest thermostat costs $250, if you use it for close to two years, it will pay for itself, according to the company.
"No one’s been able to test this at this scale before," says Ben Bixby, Nest’s general manager of energy services, "and to say that this thing that adds to the aesthetics of your home also pays for itself."
Bixby is the former CEO of energy data startup MyEnergy, which Nest acquired back in 2013. Originally, MyEnergy’s service was designed to collect, analyze, and give recommendations around utility energy data---something Nest likely found useful in conducting its study. Now, MyEnergy’s platform lets Nest users link up their utility bills to Nest’s thermostat to get a more transparent view of their energy and cost savings.
In order to gather the information it needed, Nest looked at 1500 customers in forty-one states who opted into the MyEnergy platform, and analyzed their energy use before and after they installed the Nest thermostat. Independently, it says, two other groups---the Energy Trust of Oregon, and Indiana-based utility company Vectren---conducted their own utility usage studies. Nest’s in-house study concluded around the same time the other two wrapped up, and according to Bixby, they replicated Nest’s results.
Additionally, the company announced that starting February 9, customers will be able to speak with a live Nest Energy Advisor to get guidance on how to eke out maximum savings from using its smart thermostat.
