How Much Does a Smart Thermostat Cost?

If you're keen to save money on your energy bills, installing a smart thermostat could be a wise move. Research shows that these clever devices could reduce your energy consumption by around 8%, adding up to around a $50 energy bill saving per year. You may save even more if you live in a cold climate or an area with high electricity costs.

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Smart thermostats work by turning off your furnace or air conditioning units when you don't need them. Therefore, they can help you minimize your energy usage by limiting how often you run energy-hungry HVAC system components.

However, it's essential to balance these savings against the higher cost of a smart thermostat. Below, we'll outline how much a smart thermostat costs, provide a cost comparison of popular smart thermostat brands and explore factors that could impact your budget.

According to HomeGuide, smart thermostats cost between $100 and $250 (CAD 134 and CAD 335), not including the cost of having a professional install the unit in your home. They're more expensive than programmable electronic thermostats, which typically cost $80 to $140 (CAD 107 to CAD 186) per unit. Basic electronic thermostats usually cost between $20 and $50 (CAD 27 and CAD 67).

How much a smart thermostat costs largely depends on the brand and the unit's features. Hive is one of the most well-known smart thermostat brands, and most homeowners spend around $120 (CAD 161) on the unit alone. Other popular smart thermostat brands include:

• Google Nest: $150 to $249 (CAD 201 to CAD 334)
• Ecobee: $170 to $240 (CAD 228 to CAD 323)
• Lux: $103 to $149 (CAD 138 to CAD 200)
• Emerson Sensi: $95 to $128 (CAD 127 to CAD 171)
• Honeywell: $99 to $229 (CAD 133 to CAD 307)

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How Much Does Smart Thermostat Installation Cost?

Installing a smart or Wi-Fi-capable thermostat is significantly more expensive than installing a regular unit. Expect to pay a professional between $100 and $200 (CAD 134 and CAD 268) to install a new smart thermostat, compared to $65 to $200 (CAD 87 to CAD 268) for a non-smart model. Most HVAC contractors charge around $50 to $150 (CAD 67 to CAD 201) per hour for these services.

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Smart Thermostat Cost Factors

Various factors could increase the cost of smart thermostat installation. Smart thermostats require a C-wire to provide a continuous electricity supply, and you may not have a preexisting C-wire if you live in an older property. Installing a C-wire to support a smart thermostat typically adds $90 to $135 (CAD 121 to CAD 181) to your project costs.

Some homeowners choose to install a smart home hub to control all their smart systems, including smart thermostats, from a central control panel. Smart hub prices vary between manufacturers, but most models cost between $70 and $230 (CAD 94 and CAD 308).

Depending on your existing system, you may need to repair or rewire your electrical system to accommodate your smart thermostat. For example, you may need to connect other components of your HVAC system to your thermostat. Installing or repairing wiring typically costs $6 to $10 (CAD 8.04 to CAD 13) per linear foot.

Installing a smart thermostat may damage internal walls, so you should factor repair costs into your budget. Most contractors charge between $75 and $150 (CAD 100 and CAD 201) for drywall repairs. Adding accessories such as wall plates or temperature sensors could increase your costs by $6 to $100 (CAD 8.04 to CAD 134).

All CAD conversions are based on the exchange rate on the date of publication.