Savings or Convenience? Why We Choose Smart Home Devices.

Smart devices have taken up residence in our homes in overwhelming quantities, numbers that are expected to double within the next few years. I guess the most long-lived of these products is the security system. Security systems are getting smarter and smarter every day and though their popularity is still growing, marketing research specialists Parks Associates estimates that only 27 percent of households will have security systems by 2021. Maybe that’s because there are now hundreds of flashy, entertaining smart home devices to distract us.

Hubs like Amazon’s Alexa and Google Home aspire to control every aspect of our lives, but to what end? Are we purchasing security cameras and smart refrigerators for convenience? Without a doubt. Are we looking to save money with voice activated lighting or smart thermostats? Absolutely. So what is our goal when we shop for smart home devices? Surprisingly, savings nudged out convenience by a thin margin, but in the minds of many, there is a only fine line between the two.

What Do People Really Want From Their Smart Home?

Smart home device household penetration will exceed 33 percent this year, and is expected to be well over 50 percent by 2023. What’s holding some consumers back from jumping on the smart home bandwagon? For starters, proof that these internet-connected devices would indeed save them money, according to a recent survey from Parks Associates.

According to the survey, 60 percent of households with a broadband internet connection, but no internet-connected appliances, reported they would consider purchasing a smart home device if it could help save them money in the long-term, such as by reducing an electricity bill. Since many smart home devices are expensive to purchase, proof of long-term savings is of concern to many would-be smart tech consumers.

The survey also revealed that another 55 percent of people would be more inclined to purchase a smart home device if the initial cost of investment was less. As smart home technology advances and becomes more ubiquitous, industry experts expect prices to gradually decrease.

Interesting to note, almost 6 in 10 survey respondents said they would consider buying a smart home device if it meant a discount on their home insurance premium. Certain insurance and power companies do, in fact, offer a discount if homeowners install security cameras, smart thermostats or similar smart home devices, so be sure to check with your provider.

Security concerns are also keeping some consumers at bay when it comes to investing in smart home technology. Approximately 50 percent of those surveyed said they would consider internet-connected devices if they were given more control over their own data and how it is collected and used by companies.
Reprinted with permission from RISMedia. ©2019. All rights reserved.

If you’re new to smart home devices there are a few useful, simple-to-install products you may want to start with. These are relatively economical, easy to integrate into your everyday life, and will save you time and money in the long-run.

Smart Bulbs – Energy saving smart bulbs fit your existing sockets, they are literally the plug-and-play accessory that starts your home on the road to connectivity. Download the app and control your lights from your phone. Believe it or not, smart bulbs can add a touch of security as well. You can program lights to turn on and off while you’re away, with the added bonus that they’ll save you money over more expensive LED options.

Smart Plugs – Also governed by an app, smart plugs can make any appliance in your home a smart appliance. Plug it into an existing outlet, plug an appliance into it and voila! Your phone or tablet now controls your coffee pot. Forgot whether or not you shut off the pancake griddle when you left the house? Check it out right from work and shut it off with the app.

Water Detectors – If your washer has ever overflowed or the toilet in that seldom-used guest bathroom has flooded the floor, you’ll know what I’m talking about- a water detector would be priceless, right? Small water detectors installed on the floor, alert you with a warning tone, again through an easily downloadable app, whenever… well, whenever water is detected. To me, this is more than a convenience, like a smoke detector, I think it’s a must.

Smart Thermostats have been around for ages now and if you haven’t tried one, I’d strongly suggest that you give it some serious consideration. Smart thermostats can respond to your power company’s conservation time periods and save you hundreds of dollars a year. We bought two on sale last year and through observance of Time-of-Use schedules and automatic reaction to peak demand periods, we recovered fully 3/4 of the original cost of the units in direct rebates from the power company, within the first four months. But I think my favorite trick is the ability to switch the air conditioning on an hour before we return home from vacation. Smart, right?