Wyze's ultra-cheap 24/7 Home Monitoring Service is getting a price hike. The new price will be double the current $4.99 per month, which means customers will now pay $9.99 monthly. But the price hike is for a good reason.

Here's everything you need to know about Wyze's Home Monitoring Service price jump and what you can do to lock in the lower price for a while.

Wyze Hikes Its Home Monitoring Service Price

If you've been an ardent user of Wyze's professional home monitoring service, one of the best smart home security systems right now, the company has some bad news for you. Wyze has doubled the price of its home monitoring service. Starting April 6, the company's ultra-cheap monitoring services will double to $9.99 per month.

Even at $9.99 a month, or $100 a year, Wyze's home monitoring service is still cheaper than some of its competitors. A good example is Ring's monitoring service which is $200 per month or $200 per year.

Why Is Wyze Doubling Home Monitoring Prices?

In an email sent to its existing subscribers informing them of the hike, via The Verge, Wyze justifies the move by saying, "This price increase will help us cover rising costs, make the service more sustainable, and allow us to continue adding new features."

Although the price is doubling, the good news is Wyze will offset the hike by including more features in its monitoring service. One of the new features offered by Wyze to justify the price hike is one Cam Plus license which costs $15 annually or $1.99 a month.

For the uninitiated, one of the key features offered by Cam Plus includes unlimited event recordings. Besides that, Cam Plus offers AI detection capabilities to determine a vehicle, package, or pet. Wyze is also adding person detection capabilities to all cameras under a single account.

Additionally, Wyze is adding its leak and climate sensors to its Home Monitoring Service, plus a Sprinkler Plus subscription worth $10 a year. According to the company, the new features will be available to all existing subscribers starting April 6, the same time when the price hike kicks in.

If you feel $9.99 a month is too high, we have some tips on the best DIY home security system you can build.

How to Beat Wyze's Price Hike

Although the price hike starts April 6, you can beat it via one simple trick. Sign up for Wyze's annual subscription right now, and you'll get to enjoy the current price for the next 12 months. That means you'll enjoy all the additional perks that come with the revamped plan at no extra cost.