Today, June 21st, 2016, Nest Labs (www.nest.com), which is best known for their innovative, cost-effective Nest Thermostat, announced their new program, Time of Savings. The new offering will join the company’s current cost-saving programs, including Rush Hour Rewards and Seasonal Savings. The company also announced a new agreement with SolarCity. First and foremost, the company’s Time of Savings feature will give the Nest Thermostat the capability of learning the consumer’s price of energy and automatically making adjustments to save electricity and money, when energy prices are more expensive.
The feature will only be compatible with consumers, who are locked into TOU, Time of Use, rate plans. Time of Savings is exclusively available through energy partners of the company. Also, the company outlined their new agreement with SolarCity (NASDAQ: SCTY). When consumers decide to go solar with SolarCity, they’ll be able to acquire a Nest Thermostat for free of charge. Current clients, who have a TOU plan through SolarCity and a Nest Thermostat, will automatically be enrolled in the new Time of Saving program. Nest revealed they’re working with an array of different energy companies in hopes of bringing the Time of Savings benefits to additional customers in the near future.
Within California, The state’s Public Utilities Commission has already mandate Pacific Gas & Electric, Southern California Edison, and San Diego Gas & Electric to transfer their clients to TOU by the year 2019. Within the coming years, millions of California residents will see major changes to their energy bills, due to the conversion. This will help to make the Nest Thermostat and the Time of Savings feature more relevant.
Once TUO rated customers have acquire a Nest Thermostat and have enrolled in the Time of Savings program, their precise TOU electricity rate details will be provided to Nest. The Thermostat will automatically analyze the information and make alterations to the client’s heating and cooling system to restrict use and save money, during the most expensive price periods. According to the company, the Nest will never adjust the thermostat’s temperature more than one or two degrees, yet will still saving the consumer money.
The customer will also be able to track their Time of Savings details in their Energy History and Schedule, so they’ll be able to see how effective the feature truly is. Nest Thermostats users will be able to know the Time of Savings feature has been activated, when the green gear icon becomes visible on the thermostat’s screen. The company also recently rolled out improvements to their thermostat’s Farsight feature. Now, Nest Thermostat users will be able to see their temperature in bigger digits from across the room. The thermostat will also implement a clock, which can be viewed in either digital or analog format.
Additional information can be found, by visiting the company’s website at www.nest.com.