In an attempt to cut down domestic energy consumption, Honeywell International Inc. (HON - Free Report) recently announced the launch of Total Connect Comfort with Automated Demand Response (ADR) - a new Wi-Fi-enabled thermostat that helps utilities and home owners to cut down energy costs. Under ADR program, home owners can reduce their energy use when the demand increases.
Homeowners can manage their home temperature and energy usage from anywhere in the world with the Total Connect Comfort application fitted into a smartphone or any web-connected device. As per the U.S. Environmental Protection Agency, these new thermostats can save homeowners nearly $200 on heating and cooling costs annually. The South Sioux City is the first municipality to implement the new Wi-Fi thermostat as an effort to cut energy consumption costs and drive efficiency. With this new technology, the municipality can decrease the demand for energy and avoid potential power disruptions. The new thermostats are expected to generate more than $800,000 in energy and operational savings annually for South Sioux City.
The Wi-Fi thermostat can connect directly to smart grid technology for utilities. The technology is developed by Honeywell’s Akuacom business. The Akuacom software as a service (SaaS) helps the utilities to reduce their energy load to ensure steady supply without any blackout. It also facilitates two-way communication between utility and homes to adjust the thermostat as per requirement.
Honeywell is a global diversified technology and manufacturing company with a wide range of aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals and energy efficient products and solutions for homes, business and transportation.
Honeywell currently has a Zacks Rank #3 (Buy). Other stocks that look promising and are worth a look are ITT Corporation (ITT - Free Report) , Compass Diversified Holdings (CODI - Free Report) and Hutchison Whampoa Ltd , each carrying a Zacks Rank #2 (Buy).