Refinancing a mortgage to finance smart home upgrades can be a viable option, but careful consideration is critical. 

Lower interest rates, substantial home equity, and a positive return on investment (ROI) from upgrades can make it worthwhile. However, factors like closing costs, extended loan terms, and over-leveraging the home need evaluation. 

Alternatives like home equity loans should be weighed, ensuring alignment with overall financial health and goals. Consulting financial professionals is recommended to assess the costs and benefits and make an informed decision. 

Ultimately, refinancing's suitability hinges on whether savings and benefits outweigh the associated expenses.