Your Energy Bill – Explained
These 3 Developments Are Changing The Way We Use Electricity in Our Homes
Editor’s Note: This is the first in a series about smart energy management
Have you noticed any changes in your monthly electricity bill? Behind the scenes, utilities are getting help from technology to keep everyone’s costs down. The price of energy is continuously increasing, and saving it has real financial benefits.
Here are three ways that the energy industry is changing and how it impacts your bill:
More accurate bills with detailed energy use Over the past decade, electricity companies have been replacing analog meters with new, high-tech, digital smart meters that can communicate wirelessly. Smart meters offer a two-way communication between the homeowner and the utility, which can help the utility locate and respond to outages more quickly. They provide quick and accurate measurements of electricity consumption, while eliminating the need for home visits from meter readers. Thanks to these intricate measurement systems, many customers can now receive more detailed feedback on their energy use — even down to which appliances are consuming the most energy—which can enable them to adjust their habits to reduce their costs.
Reduce consumption during peak demand periods
To save homeowners money and encourage energy efficiency, utility companies are increasingly charging higher prices during times of peak energy demand, usually between 4 to 7 p.m. on weekdays.
Enabled by our smart thermostat technology, many energy providers now offer demand response programs to help ease the electricity load during those peaks and periods of extreme weather. These programs encourage consumers to sign up to have energy consumption automatically reduced during those times by allowing the company to adjust their temperature controls, saving homeowners money. There also are credits and rebates available for those who own a smart thermostat.
Energy efficiency in homes
According to the U.S. Department of Energy, heating and cooling account for nearly 50 percent of the energy consumption in a typical U.S. home – on average it’s about $900 a year – making it the largest energy expenditure for most households. So while energy-efficient light bulbs and high-efficiency appliances are important, homeowners may want to focus on minimizing their heating and cooling costs for the biggest impact. For example, Resideo also offers more Energy Star rated thermostats than any other manufacturer, and installing one can save between 3% to 15% on the energy bill, depending on geographic location. Now, that’s some great savings!
And speaking of energy savings, stay tuned to find out how Resideo can help homeowners save additional money on their energy bills, and the latest news about Energy Star’s Smart Home Energy Management Systems (SHEMS).