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Experts estimate 477 million smart home devices will be in use globally in 2020, and the home automation market is projected to hit $79 billion by 2020.

As home automation becomes increasingly popular, you’re probably wondering if the investment is worth it. Depending on the type of home automation, it can cost a pretty penny. However, one of the main perks to home automation isn’t just the convenience; it can actually save you money. Similar to solar energy, home automation is an investment up front, but it can save you a considerable amount of money in the long run.

Before you decide if this investment is for you, here are eight ways home automation can save you money:

Carbon Monoxide and Smoke Detection

On average, more than 400 people die each year in the United States from carbon monoxide poisoning. Home automation allows you to sync carbon monoxide detectors as well as smoke detectors. If one sensor detects carbon monoxide or smoke, all of the detectors will sound, making sure you hear them regardless of where you are in your house. You can also set it up so the fire department is notified immediately.

If you are not home, you can get alerts on your phone in the case of a fire or carbon monoxide leak. If you link your detectors with your phone or computer, you can also check the battery life at any time and get notifications if the batteries are running low. With these precautions taken through home automation, you can not only save money, you can also save lives.

Water Damage Alerts

Have you ever been on vacation and worried yourself sick that there could be a water leak and you could come home to a flooded house? With home automation, you don’t have to worry about that. You can connect your water lines to your home automation system and ensure that your water will shut off immediately if there is ever a leak.

You can also use an app that enables you to turn your water off and on if you are on vacation and want to protect your home when traveling. Water damage costs an average of $2,586 to repair, so having the ability to automate your water lines and prevent water damage is definitely a money-saving perk of home automation.

Break-in Prevention

Home security is a primary reason people want to automate their homes. With over one million home invasions each year costing an average of $2,000 per home break-in, having a home security system can save you thousands of dollars and can keep your home and your family safe.

Smart home security systems connect to your Wi-Fi, enabling you to access and monitor your security system remotely. Usually through the use of an app on your smartphone, you can control your home security system from anywhere. Forget to lock the door? You can lock it remotely from your app. Forget to shut your garage door? You can do that remotely, too.

You can also set preferences for your home security system, such as camera recording if a sensor is triggered. Additionally, you can arm and disarm your security system from anywhere as long as you have access to the app. Automating your home with home security gives you remote access to your home at all times.

“Porch Pirate” Notifications

With online shopping rising dramatically, 79 percent of Americans prefer to shop online. Unfortunately, an increase in online shopping has resulted in more “porch pirates,” people who go house to house stealing packages off porches. An estimated 23 million people have had packages stolen from their porches.

Thankfully, home security options such as doorbell cameras or regular home security cameras allow you to record any activity outside of your house and be notified of any suspicious activity. Security systems include the option to give delivery drivers your door code so they can put the packages in your house rather than leave them outside. Following the delivery, you can even change your code so the driver will no longer have the correct code.

Energy Savings

Home automation is a great way to improve your home’s energy efficiency. You can control your lighting, your heating system, as well as your cooling system. Here is a list of ways that home automation can save you money on your utility bills:

  • You can dim your lights with smart lighting, which makes the light bulbs last longer and saves you money on your electric bill.
  • You can program your thermostat with different temperature preferences throughout the day and night to ensure it’s using as little energy as possible. For example, if you are gone most of the day in the winter, you can program your thermostat to turn down the heat while you are gone and to turn it back on when you get home. Smart thermostats save homeowners an average of 23 percent on heating and cooling costs.
  • You can schedule lights to turn on and off at certain times of the day and night. You can also access your lights through an app while you are away from home, so if you forget to turn off lights, you can turn them off remotely.
  • You can program electrical outlets and specific devices in your home to automatically power down to save energy. You can also improve this by installing motion detection systems that will shut electronics off once everyone has left the room.
  • You can turn off appliances remotely. For example, if you forget to turn off a curling iron or a candle warmer, you can access them remotely and turn them off immediately.

Water Savings

Home automation allows you to program your sprinkler system. If you aren’t home and it’s raining, you can remotely turn your sprinkler system off so you don’t waste water. Automation also allows you to monitor your water usage so you can be aware of your water bill and avoid water penalties if you live in a drought area.

Insurance Discounts

Many homeowners’ insurance companies will give you a discount if you have home automation. Some providers will give you savings up to 10 percent, and you may get more of a discount if you have a home security system, depending on the insurance company.

Time Saved

You may not be able to determine an exact value for the time home automation saves you, but as they say, “time is money.” Having an automation system that you can access remotely makes you more aware of your house, and it also saves you quite a bit of time in your day-to-day life. Little actions such as driving home to check if you shut the garage door or if you turned off all the lights can add up. Home automation keeps you aware of your home’s situation at all times and saves you time and money in the process.

Whether you decide home automation is worth the investment is up to you. Depending on your financial situation, it’s possible to invest in home automation and save money without having to put a hold on your other financial goals, such as saving for retirement and building up your emergency fund.

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