Home Energy Monitoring Systems, are they Mustachian?

[Kaplin261]

So I have been looking at a whole home energy monitoring system in hopes to save some money on my electric bill. The initial cost is about $400 and 4-5 hours of my time installing it and setting it up. There is also the cost of powering the device, I think this will be about $2 per month.

I expect something like this to last 10 years so 400/10=$40 a year plus the cost to operate would be another $24 a year and the the interest I could be earning on that $400 would be another $28 per year. So it comes out to about $92 a year to own and operate.

Is it just a novelty item, or could it really pay for itself? Has anyone had any experience with these systems?

[Cromacster]

I think they are interesting and cool, but I'm a gadget and stats nerd.  I still say it's a waste of money.

Honestly, a more effective way would be to buy a Kill-a-watt (20-30$) determine where your energy suck is coming from and go from there.  Even without buying any device I can tell you where most of your electricity is going.  Fridge, AC, Dryer (if Electric), and Furnace/heating (if Electric).  Other big sucks are cable boxes, routers, modems.  If you address the big ones, then it's time to start looking for the phantom sources.

[BlueMR2]

It sounds like it *could* pay for itself.  However, if you invest the time and thought yourself you can likely get the same benefit without shelling out the money on the system...

[Tjat]

MMM wrote about this: http://www.mrmoneymustache.com/2015/03/25/cut-your-power-bill/

$400 and 4-5 hour seems expensive. MMM recommended this: http://www.amazon.com/gp/product/B00I2XM5RS/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00I2XM5RS&linkCode=as2&tag=mrmonmus08d-20&linkId=QGUBM37T4OJSZ2XV