Smart thermostats save Brits £325 million on energy bills over 10 years

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In the past decade smart thermostats have saved Brits £325 million on energy bills and 1 million tons of carbon emissions

• New data released by Hive to mark the 10-year anniversary of its smart thermostat demonstrates the impact the technology has had
• Extreme weather, working from home and a desire to be more sustainable has seen customers look for ways to better manage their energy use and save moneyi
• Despite these drivers, Brits are unsure about how to make their home more sustainable – a smart thermostat helps to take the confusion out of this, allowing Brits to easily track and monitor their heating use

4^th October 2023, London: New data taken over a decade has found that Hive’s customers have collectively saved over 1 million tons of carbon emissions being emitted into the atmosphere and almost £325 million on their energy bills.ⁱ

The data has been released to mark 10 years since Hive launched their smart thermostat in 2013 – an industry first which enabled customers to easily control their heating from their phone, smart watch or tablet.  

To put that into context, Hive’s two million thermostat users have saved the same amount of carbon required to power over 366,000 homes annually, almost 700,000 return flights from London to JFK or to drive over 4 million car miles.ⁱ

Hive launched back in 2013 and has since amassed 2 million thermostat users, suggesting a huge shift in the public's attitude towards smart homes, climate change, and the UK’s ambition of being net zero by 2050.

What is causing the shift in attitude?

The British Gas Net Zero Homes Index, published last month, found that 87% were concerned about climate change and the impact that human behaviour was having on the environment.ⁱⁱ  Combine this with the recent cost of living crisis and it’s understandable that people are turning to technology to help them better manage their energy use and save money.

Futurist Dan Sodergren commented: "The cultural shift in the UK towards environmental conservation and digitalisation is driving investment in smart tech. These tools, such as the smart thermostat, give Brits superior control over their homes. Enhanced energy efficiency, home comfort, and an easy-to-capture outlook on energy usage are proliferating the adoption of such smart devices."

Extreme weather and cultural events have also played a role, with peaks in Hive sales aligning with key weather events, such as the floods in 2014 and Beast from the East in 2018.ⁱ With weather being increasingly unpredictable and people more concerned about how much energy they are using, it’s fitting they are turning to technology to help them to better manage their energy use and save money.

Technology such as Hive’s smart subscription service Hive Heating Plus, shows customers how much they are likely to spend based on factors such as their heating history, energy tariff and the weather. It allows customers to set a budget, sharing predictions on how unpredictable weather spells can impact their spending, whilst providing personalised tips to help them to stay on track and in budget.

The shift towards working from home has also seen an increase in people using smart technology. Sales of the Hive thermostat have steadily increased since Covid in 2020, as customers spend more time at home and look to better manage their energy use and save money.ⁱ

Ensuring homes are future fit

Against a cost of living and sustainability focused backdrop, Brits are also more interested in future proofing their homes. Two thirds of Brits (64%) feel there is more they could do to help tackle climate change.ⁱⁱⁱ  And there is evidence to suggest they are doing so – in a recent survey from Hive almost half of Brits (47 percent) said they had already made changes to their current home for the purpose of making it greener. Installing a smart meter (37 percent), adding energy efficient lighting (34 percent), upgrading their roof insulation (33 percent) and installing a water meter (26 percent) were the main changes.ⁱⁱⁱ

Despite, this, there is still some confusion on the potential energy efficiency and costs savings that can be made by investing in energy efficiency products for the home. The Centre of Business and Economics reports, despite the potential for considerable long-term savings, factors including a lack of awareness and upfront cost, mean huge amounts of energy are wasted.^ivFuturist, Dan Sodegren commented: "Smart thermostats represent an easy and accessible gateway for Brits to contribute towards becoming Net Zero. Their adoption facilitates an eco-friendly lifestyle and serves as the first step in the journey towards sustainable living. These smart devices are introducing practical ways to implement small but impactful changes in homes."

What will the next 10 years look like?

Sodergren continued: "In the next decade, smart thermostats hold tremendous potential to catalyse environmental transformations. Their wider adoption can substantially reduce carbon emissions, as has been seen with Hive's smart thermostat users in the UK. As more people look to incorporate smart technology into their homes, smart thermostats will be at the forefront of this movement. These devices not only optimise energy use but also align with the shift towards smart homes, steering us towards a future of living that's more sustainable, digitally integrated, and efficient."

Gavin Murray, Director, Hive commented: “We’ve come a long way since we launched Hive back in 2013. What started as a single thermostat has transformed into a whole eco-system of heating products - all working together. It’s astounding to see the collective impact our customers have made on both the planet and their wallets. And we look forward to seeing what the next 10 year brings. As we hit our 10^th year, advancements in our technology mean it’s easier than ever before for customers understand the impact their heating has on their wallets and the environment.”