Effect of a functional hood scoop

I recently got put in a functional hood scoop for my car. Before, my temp gauge hung right around in the middle. Now that the scoop is complete, I've noticed a drop in my temp, almost a quarter off.

I am curious as to the effect it is having on my performance. Does this increase my hp at all? Will I realize better fuel economy?

No it doesn't add and HP unless you position the scoop right over your air filter. That will probably yield less than 5HP for having cool air flow over your filter. About the only thing it'll improve is the reliability of your engine.