Honeywell Wi-Fi Thermostats Allow Homeowners To Connect With Utilities And Turn Up The Savings

Upgrades to Top-Rated Thermostats and App Deliver Savings in the Home, and Help Keep Utilities Up and Running

News provided by

Oct 15, 2013, 09:00 ET

MINNEAPOLIS, Oct. 15, 2013 /PRNewswire/ -- With Wi-Fi and app access, the new wave of programmable thermostats can deliver the ultimate in comfort, convenience and control, while cutting energy bills. But the benefits don't have to stop at the front door. Honeywell (NYSE: HON) today announced that its full line of Wi-Fi thermostats will enable homeowners to connect with their utility and receive incentives for trimming electricity use.

"The same technology people purchase today to lower their heating bills can pay extra dividends in the summer months," said Tony Uttley, general manager of Home Comfort and Energy Systems at Honeywell. "Honeywell can easily link homeowners to these additional savings."

On the year's hottest days, when air conditioners and power plants are running at max capacity, utilities often look to reduce energy use to ease stress on the electrical grid. So they may compensate customers who are willing to raise the temperature in their homes a couple degrees, for a couple hours. These programs, also known as demand response, help keep the power flowing and lights on during heat waves.

In return, customers can get rebates for installing hardware like a Honeywell Wi-Fi thermostat and connecting to a utility program, along with other rewards, such as bill credits for energy saved when the grid is congested. The control remains with the homeowner and the interaction with the utility is fully automated.

"More people buy our thermostats than any other brand because we understand homeowners and their diverse needs," Uttley said. "There is no one-size-fits-all technology. With a range of Wi-Fi thermostats to meet any application or price point, Honeywell is able to bring homeowners and utilities together at an unprecedented scale."

The ability to participate in energy-savings events has already been added to the Honeywell Wi-Fi 7-Day Touchscreen Thermostat (MSRP: $149), which is currently available through retailers, and heating and cooling contractors across North America. By early 2014, all of Honeywell's Wi-Fi thermostats, including the Wi-Fi Smart Thermostat (MSRP: $249), will have the ability to integrate with utility programs. A firmware upgrade will also be available for existing thermostats.

Homeowners can control these devices from anywhere using Total Connect Comfort, the top-rated thermostat app on iTunes^® and Google Play^™. Honeywell recently updated the app so customers who join utility programs receive alerts on their smartphones or tablets whenever an energy-savings event is scheduled. In addition, the app allows users to opt out of an event if the timing or temperature change isn't convenient.

Utilities have used demand response to help balance the grid and prevent outages for decades. Honeywell has worked with more than 100 utilities to develop and deploy programs that curb the call for electricity, and is responsible for getting more than 2 million demand-response devices in homes. The associated technology was available only through a utility, however. Customers couldn't buy a thermostat off the shelf or from a contractor, and enroll.

"Broadband access has created a new and far-ranging path for electric companies and homeowners to connect," said Jeremy Eaton, vice president of Honeywell Smart Grid Solutions. "As a result, more utilities are moving toward a model that allows customers to bring their own device to a program, increasing the likely participants and savings exponentially."

If just a quarter of U.S. homes with central air conditioning joined these programs, the country could cut the demand for energy by almost 19 gigawatts — equivalent to the generation capacity of nearly 250 of the power plants utilities rely on to meet peak electricity needs.

People who purchase a Honeywell Wi-Fi thermostat should ask their local utility about demand response programs and incentives. They can also check Honeywell's rebate finder to locate other refunds for putting in a programmable thermostat.

For details on Honeywell's full line of Wi-Fi thermostats, visit wifithermostat.com and follow HoneywellHome on Twitter. And for more information on the company's smart grid technology, link to honeywellsmartgrid.com and follow HoneywellGrid.

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.