The Economic Viability of Smart Home Investments: A Cost-Benefit Analysis

This study report performed a thorough data-driven analysis to evaluate the economic sustainability of smart home investments in the quickly changing residential living scene. The research provided a comprehensive view of the financial ramifications of implementing smart home technology by taking in...

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Bibliographic Details
Published in:BIO web of conferences 2024-01, Vol.86, p.1086
Main Authors: Larionova, Yuliya V., Sharma, Deepti, Nijhawan, Ginni, Kumari, Neeraj, Devi, Sarita
Format: Article
Language:English
Subjects:
cost-benefit analysis
economic viability
energy savings
iot
maintenance costs
smart home
user satisfaction
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Summary:This study report performed a thorough data-driven analysis to evaluate the economic sustainability of smart home investments in the quickly changing residential living scene. The research provided a comprehensive view of the financial ramifications of implementing smart home technology by taking into account initial investment costs, energy savings, maintenance and operating expenditures, and user satisfaction. The results show a considerable potential for improved user happiness and energy savings, which supports the financial viability of smart home investments. The findings highlight the multifarious significance of these technologies in establishing more practical and efficient living environments and provide insightful information for policymakers, industry stakeholders, and homeowners.
ISSN:2117-4458
2117-4458
DOI:10.1051/bioconf/20248601086