Nest Announces Time of Savings to Help Lower Energy Costs
Time of Savings helps customers use less electricity when energy prices are most expensive.
PALO ALTO, Calif. — Nest Labs announced on Tuesday the addition of Time of Savings to its energy savings offerings. Time of Savings is said to enable the Nest Thermostat to learn the price of energy for customers on Time of Use (TOU) rate plans so it can automatically adjust itself to help customers use less electricity when energy prices are most expensive.
SolarCity customers can receive a Nest Thermostat at no cost when they go solar, according to a press release. Additionally, SolarCity customers who have a TOU rate plan and a Nest Thermostat will be enrolled in Time of Savings. Nest is said to be working with other energy companies including Southern California Edison to bring Time of Savings to more customers in the future.
Nest designed Time of Savings to provide energy companies with a technology solution that not only helps their customers save money on TOU rates, but takes care of managing their energy consumption for them automatically, according to the company.
After a customer signs up for Time of Savings, their TOU electricity rate information is shared with Nest. The Nest Thermostat then uses this information to adjust itself to reduce electricity use during peak price periods. Nest said it never adjusts the temperature by more than a degree or two, however customers can change the temperature at anytime.
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