Smart Thermostats Can Reduce Energy Use and Utility Bills
What happened
According to the U.S. Environmental Protection Agency, installing an Energy Star smart thermostat can reduce energy consumption and utility bills by an average of $50 per year. Smart thermostats help achieve this by adjusting the temperature specifically in a space only when it is being used.
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Why it matters
The documented ability of smart thermostats to reduce energy consumption validates the market for energy efficiency technology. This trend supports the business models of companies offering these products, such as Google Nest and ecobee.
CNET has highlighted advancements in smart home technology, noting partnerships between companies like Google, Honeywell, Ecobee, and Amazon.
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Who's involved
- Google NestAmerican home automation producer offering smart thermostats
- ecobeeCanadian home automation company offering smart thermostats
- GoogleParent company of Google Nest
- AmazonPlatform with which ecobee products integrate functionality
- HoneywellProvider of necessary components and support for ecobee sensors
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Google NestSpeculative
Google Nest might see increased demand for its products due to validation of its energy-saving function.
- ecobeeSpeculative
ecobee might see increased demand for its products due to validation of its energy-saving function.
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The entities involved
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Google Nest
American home automation producer by Google
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ecobee
Canadian home automation company
Nothing else this week.