According to a Statista survey, around 31% of Canadians now have at least one smart device in their homes. Experts predict this trend will continue as smart devices get more affordable and accessible. With this widespread adoption of smart home technology, a big question comes up – are smart home devices really worth the investment? Do the long-term savings from smart home tech make the initial cost worthwhile? We’re going to cover all of this in more detail below.

Top Smart Home Devices That Pay for Themselves Over Time

1. Smart Light Bulbs

Have you noticed most of the newly built houses for sale in Welland come with smart light bulbs already installed? Smart light bulbs are the staple of smart homes. You can control smart lights through your phone, voice, or home assistant (Alexa or Google Home). Smart light bulbs have features like scheduling and dimming that help you lower your energy use significantly. 

• Expected Cost Savings

Smart light bulbs are LED-based and use about 70% to 90% less energy than traditional incandescent bulbs. Over time, these energy savings from smart light bulbs can significantly lower your electricity bill. Not just that, smart LED bulbs can last at least 15 times longer than traditional bulbs. That means fewer trips to the store and lower replacement costs over time. 

2. Smart Thermostat

Smart thermostats are just like the regular ones – but more evolved, sleeker, and smarter. Smart thermostats learn your habits and automatically adjust the temperature based on when you are home, asleep, or away. You can also control the smart thermostats remotely using an app, so you’re never heating or cooling an empty house.

• Expected Cost Savings

According to the Environmental Protection Agency, smart thermostats that meet ENERGY STAR guidelines help people save an average of 8% on their utility bills – around $50 a year for an average homeowner.

3. Smart Blinds

Smart blinds automatically open or close based on the time of the day or sunlight. During hot summer afternoons, they automatically close to block out the sun so your air conditioner doesn’t have to work as hard. In the winter, the smart blinds automatically open during sunny hours to let in the warmth and then close again at night to keep the heat inside. 

• Expected Cost Savings

Thanks to their ability to block out heat, smart blinds can lower your cooling bills by up to 33%.

4. Smart Plugs

Smart plugs go between your power outlet and regular home appliances. Once you connect an appliance (coffee maker or TV) to the smart plug, you can turn on or off the appliance, set schedules, and even monitor how much energy it’s consuming through your phone. These plugs are especially helpful with appliances that draw power when they are off (phantom energy).

• Expected Cost Savings

Studies from the National Renewable Energy Laboratory show that smart plugs can help lower your yearly energy usage by 1% to 4.58%.

5. Smart Sprinkler Controllers

If you have a garden or lawn, you probably know how much water it takes to keep things green. A smart sprinkler controller system can take over this job for you. These devices connect to weather forecasts and soil sensors to adjust the yard’s watering schedule based on real-time conditions. The benefit? Your lawn won’t get watered right after a rainstorm, and you won’t have to remember to turn on the sprinklers during a dry spell. The sprinkler waters just enough and only when needed – no waste.

• Expected Cost Savings

You can lower your outdoor water use by 20% to 50% using a smart sprinkler controller. The exact savings depend on your yard size, climate, and how much water you were using before switching. 

6. Smart Leak Detectors

Smart leak detectors are small devices you can place under sinks, behind toilets, near your washing machine, or anywhere a leak might happen. When the leak detector senses moisture or unusual water activity, it alerts you instantly on your phone. In some cases, the leak detector closes the water valve by itself to avoid water damage. 

• Expected Cost Savings

A faucet dripping once every second can waste up to 3,000 gallons or 11,356 litres of water annually. But if you fix that leak with the help of a smart leak detector, you could save around $30 per year on your water bill in Canada.

Upfront Cost of Turning a Regular Home into a Smart Home

So, now you have a rough idea of how much smart home devices can save you over time. Now, let’s look at the other side of the coin – how much will it cost to turn your regular home into a smart home? Maybe you want to add some smart devices to the new house for sale in Welland, that you just bought. Or else you want to upgrade your old home so it’s more connected, convenient, and secure. 

Well, the exact smart home setup cost depends on the level of automation, type and brand of devices, and DIY vs. professional installation. You can handle the smart home setup yourself if you like being hands-on around the house. On average, a DIY setup could cost anywhere from $2000 to $3000. 

But let’s be honest – not everyone wants to spend their weekend reading installation manuals and figuring out how to connect devices to their Wi-Fi. The good news is there are professionals to help you with smart home installation. Many smart home brands offer complete packages that include installation services. These brand packages usually cost a bit more, averaging between $2,000 and $6,000. While the pros turn your home smarter, you can sit back and relax.

One More Thing – You Can Get Financial Relief for Going Green!

Yes, you don’t have to shoulder the full cost of turning your home into a smart home. There are financial assistance programs that can help ease the burden of smart home upgrades. For instance, with the Home Renovation Savings Program, you can get up to 30% rebates on energy-efficient upgrades – smart thermostats, improved insulation, doors and windows and more. Also, some leading Canadian insurers offer energy-efficient rebates for homes that meet specific energy efficiency standards. So, making your home smarter can actually be more affordable than you think.  

So, Is It Worth Upgrading Your Home Into a Smart Home?

It might be! With a smart home system, you can get extra convenience, better security, and the chance to save significantly on energy bills. On top of that, a smart home system can add real value when it’s time to sell. Around 78% of homebuyers say they would pay more for a house with smart devices. If you feel all these perks outweigh the initial price tag, smart home devices could definitely be worth the investment.