Kagan, the media research unit of S&P Global Market Intelligence, estimates that the installed base of smart thermostats will reach 18.3% of U.S. broadband households in 2022. As of the end of last year,19.6 million smart thermostats were installed. That number is predicted to nearly double to 38.3 million broadband households by 2026.

The use of smart thermostat technology so far has cut heating and cooling by 1.4%. If the forecasted growth occurs, the nation would cut energy consumption by 3.0%, which is 15.5 terawatt-hours.

Kagan expects the desire to cut consumption due to inflation, a new affordable price bracket and persistent concerns around rising temperatures to fuel adoption, growing shipments at a 15.2% compound annual growth rate (CAGR) from 2021 through 2026.

If smart thermostats are installed in every home with HVAC by the end of Kagan’s forecast, annual space heating and cooling energy consumption could be cut by 9.0% or 45.4 terawatt-hours, which is the equivalent of the total energy used in Mississippi in 2020.