10 Ways to Slash Home Energy Expenses
Energy companies are warning American households to prepare their budgets for a steep increase in their gas and electric bills. But, if you were to spend a few hours buttoning up your house for the cold weather, you can save big bucks down the line.
The following tips may help you save energy and money while staying comfortable during the cool fall and cold winter months. Many of these tips can be used daily to increase your savings; others are simple and inexpensive actions you can take to ensure maximum savings:
#1) Maintain energy-efficient heating. HVAC units have become more energy-efficient throughout the years. Some of the newest models run at 97% efficiency. While it may be more expensive upfront, ultimately, your monthly energy bill will decrease. When shopping around, it’s important to select the right size and type of unit for your home. One that is too small will work harder to heat your home, which will increase your overall bill. And, a furnace that is too large will turn on and off more often. Since it heats your house too quickly, this cycle wastes energy and money.
Another important tip to help reduce your heating bill is proper unit maintenance. Replace filters as recommended. Check for leaks in ductwork and, consider a thorough inspection and cleaning by your installer or licensed and trusted professional.
#2) Set your heat thermostat to a lower temperature. Programmable thermostats allow you to schedule times of the day that you want to dial back on your heat consumption, such as when you’re working or sleeping. On average, customers can save 10% on their energy bills throughout the year by turning their thermostat back by 7˚ F to 10˚ F and still remain comfortable.
#3) Heating your home warm with a fireplace? Reduce heat inefficiency by keeping the damper closed when not in use, installing tempered glass doors and a heat-air exchange system, and checking the seal on the fireplace flue damper. If the fireplace is never used, plug and seal the chimney flue.
#4) Replace or update drafty windows. If replacing your windows with new ones isn’t in your budget, caulk and weather strip them to seal any leaks—this can save an average of 5% to 10% of energy usage annually. For extra protection, consider covering them with a heavy-duty, clear plastic film during the winter. Also, swap out your window curtains with heavier, thermal-backed ones.
#5) Lower your water heater temperature. While some water heaters are preset to 140 degrees Fahrenheit, 120 degrees is adequate. Making this adjustment could save you $36 to $61 per year in standby heat losses. Another option is to wrap your water heater in an insulating jacket or blanket — this can reduce your water heating costs by 7% to 16%.
#6) Sign up for time-based electricity rates. Does your company offer “off-peak” energy-saving rates? Many utilities are introducing these programs to encourage customers to use electricity during off-peak hours – usually ranging from 8 a.m. to 5 p.m. Smart meters and home energy management systems allow customers to program how and when their home uses energy.
#7) Reduce holiday lighting costs. Try trading your energy-consuming holiday lighting for festive curtains or outdoor decorations, which can reduce your bill throughout the season. If you’re not ready to part ways with your glowing decorations, switch to LED holiday string lights or battery-operated decorations.
#8) Unplug electronics when not in use. Electronic devices that remain plugged in when idle continue to use electricity. This occurs in most devices that use electricity, such as televisions, computers and kitchen appliances. If you remember to unplug your electronic devices when they’re not in use, you can reduce your energy costs. Alternatively, plug multiple devices into one power strip so that you can turn them all off with the press of a button.
#9) Use cold water in your washing machine. One of the easiest ways to save money is to adjust the settings on your washing machine. Heating the water consumes about 90% of the energy used to run a washing machine. Just changing your temperature setting from hot to warm can cut energy use by 50%.
#10) Shut off outdoor water supplies and pipes. Unless outdoor water faucets are properly insulated or specifically designed for year-round use, the water supply to them needs to be shut off and the fixtures opened and properly drained before freezing temperatures set in. Carefully check and properly insulate any exposed pipes in crawl spaces and along the exterior walls of the home. A burst water pipe caused by freezing is expensive to repair, but often it’s only the beginning in terms of the total cost of repairing the resulting water damage.
The fall and winter season is also the perfect time to undergo a home improvement project. NIHFCU can assist you. Whether it’s updating your kitchen, home office, or laying a new floor—our Home Improvement Loan is the perfect way to help you finance that project you’ve always wanted to undertake.
Resources:
Fortune
NerdWallet.com
