Honeywell thermostats display a red light to indicate various issues, including power supply problems, wiring errors, or error codes. Troubleshooting involves checking the power supply, inspecting wiring, resetting the thermostat, tightening loose connections, and cleaning contacts. Battery replacement may be necessary for wireless thermostats. Installations require compatibility with the heating/cooling system and proper wiring. Features include programmability, Wi-Fi capabilities, and energy savings. Advanced features include energy efficiency insights, home security integration, and compatibility with home automation systems.