Nest customers can already save money by opting into a rewards program or having their thermostat automatically adjust their home’s temperature while they sleep. Now the company is launching a "Time of Savings" feature that claims to save homeowners money by adjusting their house's temperature based on time-of-use rate plans. Some energy companies tailor the cost of power throughout the day, so it costs more when it’s most in demand, and Nest will take those prices into account when adjusting the temperature. The program will launch with SolarCity as a partner; Nest says it expects to roll it out to other energy companies, including Southern California Edison, in the future.
Time of Savings works by giving the thermostat information from users’ time-of-use energy provider about their energy consumption, like time of day and current rates. Nest will then recalibrate the temperature by up to two degrees to save them money. The thermostat can still be set manually. Users will know when Time of Savings is active by a green gear icon on their thermostat’s temperature screen.