Despite the fact that there’s a lot of airtime given to smart thermostats in the media and throughout industry conferences, the reality is that only about 15 percent of households own a smart thermostat, according to Rob Munin, president at Lux Products.
Where DeLeo works, pushing the envelope of HVAC contracting is the way of business. He is currently working with a group of HVAC, electrical, plumbing, and construction employees in an effort to advance the home services division of the company.
If you walk into the Tempo building near the site of the old Dallas Cowboys stadium and ask for opinions about the industry and the economy, you better take good notes, because the slow-talking Texans have a lot to say.
A study by scientists at the University of Leeds (I Googled it … it is a thing) said it takes a minority of just 5 percent to influence a crowd. So that means that 95 percent of people can be following for no good reason. That might explain the popularity of the Kardashians.
Honeywell will license its brand to Resideo under a long-term agreement for use in its home comfort, security hardware, and software solutions for all channels. So while the name “Honeywell Home” will be kept on the box, smart home products will exist under Resideo as a separate entity.
Going forward, the most significant driver of unit sales of smart and connected thermostats will be the rapidly declining prices, which will support multiple-unit consumer adoption. Ramped up efforts by utility companies, homebuilders, and HVAC contractors to promote these products based on their cost- and energy-saving benefits will also underlie growth.
Driving its commitment to future-ready open platforms for smart home innovations, LG announced that nearly all of its indoor variable refrigerant flow (VRF) HVAC units are now Wi-Fi enabled and compatible with LG's SmartThinQ® technology.
If the right business model is deployed, a connected home division can be extremely lucrative. It offers the equivalent of mailbox money or insurance residual income for HVAC contractors. Even better, the revenue will only grow over time and is unrelated to seasonal demand.
Selling home automation products is not something that can be added to a business model without time, effort, or planning. Contractors must understand how to introduce home automation, who the target audience is for the wide array of products and services that fall under its umbrella (hint: it’s just about everyone), and perhaps most importantly, have a firm grasp of home automation themselves.
With the growing interest in smart home products, if HVAC contractors want to cash in on new opportunities, they’ll have to compete with security contractors, cable providers, utilities, and even big box stores. However, many industry experts say this market presents countless opportunities for HVAC contractors, who are better positioned than most simply because they are already in the home and have the consumers’ trust.