Energy companies are beginning to offer different plans – ones where prices are locked in, or where you get incentives to use less energy, or ones with complex billing systems – but they all have one thing in common. They depend on you remembering to do the right thing at the right time, which can make saving money frustrating. In the past, Nest found ways to help you save automatically with programs like Rush Hour Rewards and Seasonal Savings.
Today we’re announcing something new: Time of Savings. It’s how Nest will help you make the most of your energy company’s Time of Use plan, without you doing a thing.
The principle behind Time of Use plans is simple: Energy is cheap most of the day, but gets more expensive at certain set times – usually on summer afternoons. If you don’t use a lot of electricity during those peak times, then you can save real money. But you have to remember to adjust your thermostat. And of course peak times can change on the weekends and shift around as the seasons change.
That’s where Time of Savings comes in. Sign up for the program and your energy company will share your electricity rates with Nest. Then your Nest Learning Thermostat will try to use less electricity when it’s most expensive. Simple. So if your thermostat sees that you like to cool things down at noon, but that’s when electricity prices spike, it might start cooling the house at 11:30 when energy’s still cheap. Or it can slightly adjust the temperature when you’re in peak pricing periods – never more than a degree or two – so you can save some cash while staying comfortable.
When Time of Savings is working, you’ll see a green gear on your thermostat. And you’ll always be able to adjust your thermostat, so you’re always in control. One thing to keep in mind: Time of Savings will only make adjustments if your Nest Thermostat is controlling electric heating or cooling equipment, so if you have a non-electric system, Time of Savings won’t directly help save money by using less energy. But it will help you remember to save money. You’ll always see “Time of Savings” on your thermostat and in the Nest app when electricity prices are high as a reminder to turn off other electric appliances and devices.
We’re launching Time of Savings with SolarCity. So if you have a Nest Thermostat, SolarCity solar panels and a Time of Use plan, you may be able to get Time of Savings right now. We’re also working with Southern California Edison and other energy partners to bring Time of Savings to more customers in the future.
Want to see if you’re eligible? Learn more about Time of Savings, see if you can sign up now or find out if SolarCity is right for you.
Not eligible yet? There might be other rebates or rewards in your area. Take a look.