Yahoo Finance How to Keep Energy Costs Low
Regardless of whether or not you live in an area affected by extreme weather conditions, rising sea levels or heat waves, chances are you can benefit from saving money on your electric bill. And fortunately, there are many ways homeowners (and apartment dwellers) can reduce their energy costs and optimize savings. Here are simple and cost-effective ways to lower your electric bill:
-- Lower the temperature.
-- Eliminate dust.
-- Replace your filters.
-- Cook with something smaller than an oven.
-- Plant trees.
-- Consider adding a zoning system.
-- Buy energy-efficient appliances.
-- Install a ceiling fan.
-- Identify -- and fix -- any leaks.
-- Add solar panels to your home.
Tips for Saving Money on Your Electric Bill
Lower the temperature. It may seem like a no-brainer, but lowering the temperature when you aren't in your home or at night, when you can get under the blankets and stay warm, is a simple and smart way to maximize savings. The U.S. Department of Energy estimates that for every eight hours you lower the thermostat by one degree, you'll save 1 percent on your bill.
Eliminate dust. While you're stocking those refrigerator shelves, get out your duster. If the coils under the refrigerator are blanketed in dust, that means your appliance is working harder and costing you more money.
Replace your filters. Like dust, unchanged air filters often lead to air-conditioning units and heating systems breaking down. Even if that weren't the case, an unchanged air filter means the air-conditioning unit or dryer will work harder or run longer, and -- you guessed it -- use more energy.
Cook with something smaller than the oven. Any time you use your microwave, toaster oven or an electric skillet, you'll use less energy and save a little money.
Plant trees. If you take the time to plant trees near your home, you'll create shade, which will eventually cool off your home as the trees grow and save you some money. As many arborists will tell you, if you plant deciduous trees -- that is, trees that drop leaves during the winter -- you'll get sunlight to help heat your home in the colder months. The Arbor Day Foundation estimates that homeowners can save up to 20 percent a year on their energy bill by planting trees around their home.
[See: 10 Ways to Save Energy and Reduce Utility Bills at Home.]
Consider adding a zoning system. According to Audrey Monell, a third-generation owner of Forrest Anderson Plumbing, Heating and Air Conditioning in Glendale, Arizona, "One of the newer ways to save money on electricity will also increase your comfort -- consider adding a zoning system. A zoning system lets you vary the temperatures throughout your home by using individual thermostats for each area."
How does it do that? "Instead of cooling everything at once, a zoning system addresses each area separately," Monell explains. "Motorized dampers in the ducts make it possible to cool each room as necessary. You can usually install a zoning system as an upgrade to existing equipment or make it part of an entirely new HVAC system."
However, implementing a zoning system isn't cheap, costing upward of a couple thousand dollars, depending on the size of your home. Still, "over time, you will get back your investment by only heating or cooling the areas of your home that you need at any given time," Monell says.
Another option is buying a programmable thermostat that you can set to cool or heat up at optimal times. While a programmable thermostat can set you back a few hundred dollars, you may be able to score significant savings or discounts through your utility company. For instance, Duke Energy has a promotion that allows its customers to purchase a Nest Learning Thermostat (typically retailing for $249) for $184.
[See: 50 Ways to Improve Your Finances in 2019.]
Buy energy-efficient appliances. "Yes, it's complicated to think of purchasing new products to save money and energy. Still, this is what energy efficiency is about," explains Matthias Alleckna, an energy industry analyst at EnergyRates.ca, an energy rate comparison website headquartered in Edmonton, Alberta. "When you replace a decades-old refrigerator for a smart, energy-efficient one, you are saving both energy and money -- and the payback may come sooner than you think," Alleckna says. "According to Energy Star, some products can pay you back hundreds of dollars in energy savings. While shopping around for energy-efficient appliances, you can even save more when purchasing products that are eligible for rebates and discounts."
Install a ceiling fan. "In comparison to the air conditioner, ceiling fans consume a significantly smaller amount of energy. In manipulating the temperature of your home, consider hitting on your fans instead of adjusting the temperature," suggests Doug Keller, a community manager for Payless Power, which is based in Dallas and offers prepaid electricity to the state of Texas.
The catch: Both standalone and ceiling fans will not actually make the temperature in your home cooler. They simply circulate the air in the room. "As a result, if they are on in spaces that are not occupied, then they are just wasting energy," Keller says.
Identify -- and fix -- any leaks. If you aren't a do-it-yourself type and you discover an issue that requires maintenance, such as a leaking faucet, pipe or toilet, it's a smart idea to turn to a reputable plumber. According to the Environmental Protection Agency, a household with a leak can waste on average nearly 10,000 gallons of water each year, and 10 percent of homes that have leaks waste 90 gallons or more every day.
To lower your energy bill, you might also want to consider getting a low-flow shower head or energy-efficient toilet, which may cost you a few hundred dollars upfront but help you optimize savings for the long term.
Add solar panels to your home. While installing solar panels can prompt sticker shock, the benefits may outweigh the initial cost. According to SolarReviews.com, which offers reviews on solar companies and solar panel installers, the cost for an average house to install solar panels on its roof in January 2019 is $23,739 before the federal solar credit (and $16,617 after the credit). If you've been contemplating lowering your home's energy usage, it's a smart time to do it. This year, there is a 30 percent federal tax credit on newly installed solar panel systems. In 2020, that benefit will be reduced to 26 percent and in 2021, the credit will drop to 22 percent.
[See: 6 Alternatives to Traditional Air Conditioning to Consider.]
While determining how much you'll save with solar panels will depend on a variety of factors, including your energy consumption and how expensive electricity is in your geographic area, it's recommended that you install a system that produces 25 percent more electricity than you typically use. That way, you can sell the excess energy back to your utility company and use the credits to buy additional energy. Even if you don't eliminate your energy costs entirely, with solar panels you should expect to lower your bill significantly.
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