Can smart-tech help me cut down on home expenses?
As the future unravels, a prominent theme is emerging: the use of smart technology in the home. Whether it's a wireless speaker that can dictate a cooking recipe in real time, to the likelihood of personal robots in the future, there are simple solutions in the form of smart-tech that can actually save you money on diverse home expenses.
Technology strives to make your home more efficient, in its consumption of energy and waste management. Smart technologies can also protect your home remotely, and notify you of physical and natural threats before they wreak havoc on your property.
Below we’re going to look at some of the smart technologies on the market as they specifically relate to cutting costs at home. Though there is an initial investment in the products, they are purported to pay off in the end.
Security
There are a few different ways to add security-tech to your property. Smart technology has made monitoring your home easier because the alarms and camera systems can be routed directly to your smartphone through secure wireless networks, accessible 24/7.
In the security camera market, you can go online or walk into your local electronics store and purchase camera packages that are advertised as ‘plug and play.’ Simply install them on entry points around your home then monitor them on your smart devices, even when you’re away. Prices range from $30 to $300, depending on quality.
Additionally, alarm systems can also be installed via wireless door and window sensors. When triggered, you will get emergency notifications sent to your phone, or, you can program the contact information of your friends and family members on the device so they get notified as well.
Remember: adding certain home security features can make you eligible for a property insurance discount. Talk to your broker or insurer to see which devices qualify.
Monitoring utility usage
Keeping an eye on your utilities with the help of smart technology can help you waste less, reduce your carbon footprint, and maybe most importantly to you, help you cut back on your utility bills. Below are some examples of smart-tech that watch your waste so you don’t have to.
Smart faucets
Do you still leave the water running when you brush your teeth? How about cleaning up dishes in the kitchen?
Smart faucets work by motion activation, saving your household up to 15,000 gallons (almost 57,000 litres) of water per unit per year! If you live in an area that urges residents to conserve water, which should be every area, installing smart faucets are a great way to keep your water consumption low. The motion sensor makes the faucet well-suited for kids, people with disabilities and the elderly. The product is touted as an inexpensive way to “conserve water and preserve our environment.”
Water leak and mold sensors
Investing in a leak and mold sensor helps home owners avoid the messy situations brought by water damage and mold/damp problems before they get out of hand. Did you know that mold removal and cleanup is one of the few things that home insurance will not cover?
These thermal detectors alert you of water leaks and changes in the temperature and humidity of your home via email or text. Imagine if you could know there was mold growing behind your walls before it became visible? You can avoid these health and insurance threats by installing either one of these products, and some are 2-in-1.
Smart thermostats
This is a great investment. Smart thermostats let you control your heating and cooling remotely, at home, or on a schedule. Putting your heating and cooling on a schedule saves your butt, especially if you're the type to forget to switch things off before leaving the house for the day. Saving on heat and A/C can help manage one of the most expensive bills related to home ownership or rental: hydro!
Smart thermostats can even learn from your behaviours automatically and adjust your temperatures appropriately. Further, you get detailed reports of your energy consumption in real time, helping you track your spending and keep you on budget.
Lighting control
Solar powered lights go a long way in cutting down your electrical usage. Solar panels can be installed in sunny spots, or you can purchase lights with the solar panels already installed for your patios, walkways or driveways.
For inside the home, you can install automatic light dimmers that can be controlled on your smart device through an app, even when you aren’t home. These intelligent light systems already rely on low-power LED lighting technology, and can be preset for certain activities such as reading, movie watching, or dining.
Conclusion
Though all these devices have a certain price of installation, saving money is something you have to buy into occasionally. Automating your electricity and light usage, securing your property, and keeping an eye on your water, heat and cooling consumption will yield returns every month, for years to come.
Insurance providers are catching up to smart technology in the home, and have began pilot programs that bundle home insurance with products like the leak detectors mentioned above. Soon, we can expect the savings to trickle down to the insurance industry. For now, make sure to ask your provider what certain security additions mean for your insurance premium and if they have any smart-tech partnerships up their sleeve.