By now most people use some sort of smart home technology even if they don’t realize it. Smart home technology refers to products that allow for the automation and remote control of appliances, lights, electronics, locks, home security cameras, and much more.
In recent years there’s been a dramatic increase in smart home products. The latest estimates have the smart home technology industry growing by 11.6% between now and 2025. The industry is currently worth $78.3 billion but will swell to more than $135 billion in the next five years.
This dramatic increase is a combination of growing demand and a growing product selection. Both of these trends are happening because homeowners have found a lot of upsides from using smart home technology. What was once seen as a luxury is quickly becoming a necessity in the minds of consumers largely because of these five benefits.
Improved Energy Efficiency
The promise of a more energy-efficient house is a big selling point for smart home technology. Some of the earliest smart home products focused on decreasing energy use, which essentially helped the products pay for themselves. Talk about a selling point.
From the thermostat to the lights to the refrigerator, products all around the home are now smart enough to automatically conserve energy. Let’s look at the Nest thermostat as an example.
The nest is one extremely smart thermostat. It’s not only programmable, but the thermostat will actually learn your routine and program the HVAC system for you to optimize energy savings. It can also detect when people are at home to make adjustments automatically. The manufacturers of Nest claim that homeowners can save up to 15% on their cooling and up to 12% on heating simply by using their smart thermostat.
Homes that are outfitted beyond the smart thermostat with smart CFL bulbs, smart outlets, and more can be up to 40% more energy efficient than the average house.
Improved Home Value
Smart home technology is in high demand. And in the real estate industry, high demand means a higher home value. Consumer Reports estimates that home automation can increase a home’s value by as much as 5%. To put that in a dollar figure, the average home (with the national median price of $284,600) could gain $14,230 in value from smart home technology.
For some homeowners, that’s reason enough to invest in making their home smarter.
Better Home Security
Homes have never been more secure thanks to smart home technology. And it’s a top reason why homeowners invest in smart products.
Several years ago Icontrol Networks conducted a survey asking people why they would invest in smart technology for the home. Nine out of 10 people said home security was the biggest reason for using smart home technology.
Home security companies like Ring and ADT have completely revolutionized the home security industry with their smart products. There are now doorbells that double as security cameras and can send real-time alerts if something suspicious happens. There are locks that can be engaged from miles away. And you can stream security camera footage to the cloud so that you can see video feeds live and have footage saved for later in case you need it.
Another bonus – smart home security systems are one of the biggest value boosters.
Increased Safety at Home
Fires, carbon monoxide poisoning, flooding – our homes are our safe havens, but they aren’t always the safest place. But smart home technology is making it much safer than it was before.
There is a lot of interest in smart home devices that can detect when something is off in the home. But smart home safety products don’t just warn you about a problem while you’re in your house. They also send alerts when you are away. This is the reason people will spend 3-5 times more for a smart safety device compared to the standard option.
Smoke alarms were some of the first safety products to get smarter. The Nest fire alarm and carbon monoxide detector were one of the first to hit the market and it set the benchmark. It’s so intelligent it can actually tell the difference between normal smoke from cooking and actual fire.
The alerts from a smart home device could potentially save a life, which makes them priceless.
Next Level of Modern Day Convenience
All the benefits above have a common thread – convenience. People will pay for convenience, and the success of smart home products is proof.
Smart home technology makes so much about managing a house easier. If you really went all out your refrigerator could help you make a grocery list based on what’s inside. And you’d never have to worry about leaving something plugged in again because you could turn a smart outlet off from anywhere. And if you want to know that your kids and the babysitter made it home after school you can check your security cameras to make sure.
What kind of convenience can you expect from a smart home system? A survey from Coldwell Banker found that homeowners estimated they saved at least 30 minutes a day thanks to their smart home devices. That’s 3.5 hours a week that you can spend on yourself or with family instead of managing your home.
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