Ecobee Inc. is a Canadian smart home technology firm that focuses on connecting thermostats, sensors, and home automation devices. The company was established in 2007 by Stuart Lombard and is based in Toronto, Ontario. It provides energy and smart home technology service based on efficiency and connected devices. The combination of its hardware and software, along with products based on sustainability, helps it in the market of home automation.
The company’s focus lies in smart home products with energy efficiency; the main areas of business include smart thermostats, which enable the user to control heating and cooling using mobile apps, web applications, or integrated home systems to create an ecosystem where devices communicate with each other via a central hub (usually the thermostat or the camera).
One of its distinguishing points is its emphasis on energy consumption and cost-saving, with ecobee thermostats able to save costs up to ~23–26% in heating and cooling expenses, with a total of more than 27.8 terawatt-hours (TWh) of energy saved, or the energy consumption of 1.1 million cars put on the road per year. Another part was the introduction of eco+ software by the company that maximizes the use of energy and aids in grid efficiency.
Ecobee is a hardware + software + subscription business model. Its revenues are generated through the sale of devices (thermostats costing between $139 and $259, sensors, and cameras), as well as the services provided on a subscription basis (e.g., home monitoring and security options, starting at $14/month). Its ecosystem is compatible with such platforms as mobile applications and voice assistants, which would make it more automated and remote control possible.
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