Honeywell International Inc. (NYSE:HON) has announced a new product that competes against Google’s Nest. The Lyric smart thermostat has been officially announced by Honeywell. It is priced at $279 and looks like the Nest smart thermostat in terms of round design and circular display.
The Lyric uses WiFi to connect to a mobile app (iOS and Android) so that users can set heating and cooling temperatures inside of homes. Lyric uses geofencing so that when a person leaves their home with their smartphone, it can sense and adjust the temperature inside to a level that is designed to save money. When the same person makes the return trip home, the Lyric detects when the person is getting close and adjusts the temperature again.
“The Fine Tune feature factors indoor and outdoor temperature, humidity, and weather into its algorithm, enabling it to provide the most comfortable temperature for homeowners. No other do-it-yourself Wi-Fi thermostat on the market today does that,” said Honeywell.
The Lyric is available for purchase now by professional heating and cooling contractors. It will be sold to the general public through Lowe’s in August.