diff --git a/homeassistant/components/sensor/speedtest.py b/homeassistant/components/sensor/speedtest.py
index f7c47b124cf..d79e35c68d8 100644
--- a/homeassistant/components/sensor/speedtest.py
+++ b/homeassistant/components/sensor/speedtest.py
@@ -13,6 +13,7 @@ from datetime import timedelta
 from subprocess import check_output
 from homeassistant.util import Throttle
 from homeassistant.helpers.entity import Entity
+from homeassistant.helpers import event
 
 REQUIREMENTS = ['speedtest-cli==0.3.4']
 _LOGGER = logging.getLogger(__name__)
@@ -20,6 +21,10 @@ _LOGGER = logging.getLogger(__name__)
 _SPEEDTEST_REGEX = re.compile(r'Ping:\s(\d+\.\d+)\sms\nDownload:\s(\d+\.\d+)'
                               r'\sMbit/s\nUpload:\s(\d+\.\d+)\sMbit/s\n')
 
+CONF_MONITORED_CONDITIONS = 'monitored_conditions'
+CONF_MINUTE = 'minute'
+CONF_HOUR = 'hour'
+CONF_DAY = 'day'
 SENSOR_TYPES = {
     'ping': ['Ping', 'ms'],
     'download': ['Download', 'Mbit/s'],
@@ -27,20 +32,20 @@ SENSOR_TYPES = {
 }
 
 # Return cached results if last scan was less then this time ago
-MIN_TIME_BETWEEN_UPDATES = timedelta(hours=1)
+MIN_TIME_BETWEEN_UPDATES = timedelta(minutes=1)
 
 
 def setup_platform(hass, config, add_devices, discovery_info=None):
     """ Setup the Speedtest sensor. """
 
-    data = SpeedtestData(hass.config.path)
+    data = SpeedtestData(hass, event, config)
 
     dev = []
-    for variable in config['monitored_conditions']:
-        if variable not in SENSOR_TYPES:
-            _LOGGER.error('Sensor type: "%s" does not exist', variable)
+    for sensor in config[CONF_MONITORED_CONDITIONS]:
+        if sensor not in SENSOR_TYPES:
+            _LOGGER.error('Sensor type: "%s" does not exist', sensor)
         else:
-            dev.append(SpeedtestSensor(data, variable))
+            dev.append(SpeedtestSensor(data, sensor))
 
     add_devices(dev)
 
@@ -50,17 +55,15 @@ class SpeedtestSensor(Entity):
     """ Implements a speedtest.net sensor. """
 
     def __init__(self, speedtest_data, sensor_type):
-        self.client_name = 'Speedtest'
         self._name = SENSOR_TYPES[sensor_type][0]
         self.speedtest_client = speedtest_data
         self.type = sensor_type
         self._state = None
         self._unit_of_measurement = SENSOR_TYPES[self.type][1]
-        self.update()
 
     @property
     def name(self):
-        return '{} {}'.format(self.client_name, self._name)
+        return '{} {}'.format('Speedtest', self._name)
 
     @property
     def state(self):
@@ -74,27 +77,31 @@ class SpeedtestSensor(Entity):
 
     def update(self):
         """ Gets the latest data from Forecast.io and updates the states. """
-        self.speedtest_client.update()
         data = self.speedtest_client.data
-
-        if self.type == 'ping':
-            self._state = data['ping']
-        elif self.type == 'download':
-            self._state = data['download']
-        elif self.type == 'upload':
-            self._state = data['upload']
+        if data is not None:
+            if self.type == 'ping':
+                self._state = data['ping']
+            elif self.type == 'download':
+                self._state = data['download']
+            elif self.type == 'upload':
+                self._state = data['upload']
 
 
 class SpeedtestData(object):
     """ Gets the latest data from speedtest.net. """
 
-    def __init__(self, path):
+    def __init__(self, hass, event, config):
         self.data = None
-        self.path = path
-        self.update()
+        self.hass = hass
+        self.path = hass.config.path
+        self.event = event
+        self.event.track_time_change(self.hass, self.update,
+                                     minute=config.get(CONF_MINUTE, 0),
+                                     hour=config.get(CONF_HOUR, None),
+                                     day=config.get(CONF_DAY, None))
 
     @Throttle(MIN_TIME_BETWEEN_UPDATES)
-    def update(self):
+    def update(self, event=None):
         """ Gets the latest data from speedtest.net. """
         _LOGGER.info('Executing speedtest')
         re_output = _SPEEDTEST_REGEX.split(