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Sunday, May 26, 2024

Reduce the cost and environmental impact of running your property with a smart geyser device

South African consumers are battling rising living and home running costs as fuel and electricity prices are spiking and the increases have a knock-on effect on the price of transport, and food. However, they can mitigate the financial pressure they are feeling by installing a smart geyser device onto their electric geysers before winter arrives in full.

Dr Hardy Ncube, Head of Personal Products at Standard Bank Insurance says the installation of a smart geyser into a home or business property is a good way for consumers to manage their money because it allows them to save on the high cost of heating water. Geysers make up between 25% and 40% of the ongoing electricity costs of properties and drive-up electricity bills in winter when hot water usage increases.

In addition, municipal electricity rates are set to rise by 7.47% in July this year, following an increase of 9.6% in Eskom tariffs that took effect on April 1. This represents an ongoing escalation in electricity costs as Eskom tariffs increased by 15.06% in 2021 and municipal tariffs rose by 17.80% in July last year.

Dr Ncube says the benefit of a smart geyser is that it can be set to a consumer’s individual water heating schedule, so their geyser is not constantly working, which saves them electricity.

Another significant benefit of a smart geyser is that it prevents the cost and inconvenience of consequential damages, typically associated with a geyser failure.  When a geyser leaks, bursts or blows an element, the smart device automatically shuts off the water and electricity supply to the geyser to limit further damage.

“The smart device’s automatic shutdown of a geyser is a significant benefit as a burst geyser can cause extensive damage to a property,” says Dr Ncube. “This is a risk that consumers need to address since geyser-related issues are the most common household insurance claims in South Africa.”

Choosing a smart geyser

The smart geyser device allows households who spend over R1 000 monthly on their electricity bills to save upwards of R150 per month from the first month of installation.

It also helps to lessen your environmental footprint as the device reduces the average household’s carbon emissions by about 1 600 kg per year, which is the equivalent of planting 75 pine trees.

Standard Bank’s smart geyser device is fitted to an electric geyser and is operated via an app, which all members of the household can use, to set individual daily water heating schedules so that their geyser is not constantly heating water. The app also lets users set the water temperature and adjust it to the season (hotter in winter and cooler in summer).

“The cost of living is rising, and home and other property owners are facing higher property running costs,” says Dr Ncube. “However, they don’t need to feel overwhelmed as they can easily take charge of their electricity costs by installing a smart geyser device”.

*To have a smart geyser device installed on your geyser or to find out more information, send an e-mail to [email protected] or visit: https://www.standardbank.co.za/southafrica/personal/products-and-services/insure-what-matters/your-home/smart-geyser

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