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Energy efficiency is the norm for new homes now, but there’s still room for innovation. Kurt Dykema of Twisthink envisions a cost-effective device that not only heats a home but also generates electricity, making up for the 10-15 percent energy loss from the power plant.

Forbes spoke with seven experts who each predicted new developments in the smart home industry. Appliances will know when they need repairs, artificial intelligence will monitor a user's’ health, and voice activation could control multiple devices at once.

GPS will also become more advanced, preparing homes when it senses that users are coming near.

Imagine the temperature adjusting to your ideal level, and your preferred scents, sounds, and lights greeting you as you arrive. This will save time and money as customers reduce waste such as heat and air conditioning when they are away from their homes, says Andrew Kucheriavy of Intechnic.

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