BIO Web Conf.
Volume 86, 2024International Conference on Recent Trends in Biomedical Sciences (RTBS-2023)
|Number of page(s)
|12 January 2024
The Economic Viability of Smart Home Investments: A Cost-Benefit Analysis
1 Moscow State University of Civil Engineering, 129337 Moscow, Russia
2 Uttaranchal University, Dehradun 248007, India
3 Lovely Professional University Phagwara, Punjab, India
4 K R Mangalam University, Gurgaon, India
5 GD Goenka University, Sohna, Haryana, India
* Corresponding author: LarionovaYUV@mgsu.ru
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.
Key words: Smart home / economic viability / cost-benefit analysis / energy savings / maintenance costs / user satisfaction / IoT
© The Authors, published by EDP Sciences, 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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