Yahoo Finance Utilities 2023: 5 Unexpected Reasons Your Electric Bill Keeps Going Up
Many households know how to curb certain bad habits -- e.g., forgetting to turn off the lights or using excessive energy at peak hours -- that contribute to higher electric bills each month. Even if you practice savvy energy usage behavior, it's possible to find your electric bill increasing without knowing why.
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What else contributes to an expensive electric bill? Here are five unexpected reasons your electric bill keeps going up.
You Use Vampire Appliances
In a previous GOBankingRates article, we talked about phantom energy as a bad habit that contributes to expensive utility bills. Phantom energy, or vampire energy, is power consumed by electric appliances that are turned off but still plugged into outlets.
Similarly, vampire appliances might be one of the reasons your electric bill goes up each month. These are appliances that drain power when they are left on standby.
Keeping these appliances plugged in only increases costs. Greg Fasullo, CEO of Elevation, said if households can reduce their vampire loads by 500w for 12 hours per day, that equates to 2190 kilowatt hours (kWh) in a year. At 15 cents per kWh (the average for homes in the U.S.), it is the equivalent of saving $329.
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You Don't Often Evaluate Your Energy Consumption
Aside from not reviewing vampire appliances, energy bills rise because many households don't evaluate their energy consumption or adjust consumption habits, said Doug Roberson, COO at Allterco Robotics US, maker of the Shelly smart home products..
For those who would like to begin monitoring energy consumption, Roberson recommends using smart home automation devices. These devices help measure power consumption and have smart scheduling features to turn off nonessential devices during peak energy hours, all of which can help cut down high monthly electric bills.
You Haven't Conducted an Energy Audit
If your electric bill keeps increasing each month and you're not sure why, you can conduct a home energy audit to find out.
Fasullo said energy audits start at $100. These audits can evaluate your home's energy usage to identify weak points that are costing you money. Thanks to the Inflation Reduction Act, Fasullo said, these audits are now also eligible for tax credits.
Your Utility Service Provider Uses Time-of-Use Rates
Some utility service providers use time-of-use (TOU) rates or rate plans. According to Southern California Edison, a TOU plan bases rates on the time of day and the season and can help households better manage their energy costs.
If your utility service provider charges TOU rates, Roberson recommends using smart scheduling features to turn off nonessential devices during peak energy hours when electricity rates are higher.
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You're Not Using Smart Outlets
Smart thermostats are savvy investments for raising or lowering the temperature of your home throughout the day to save extra money. While many households use a smart thermostat to keep their homes appropriately cool or warm, they might not be taking as much advantage of smart outlets.
Smart outlets can be used to remotely control and monitor the energy consumption of individual devices. As you monitor this energy consumption, households will be better able to identify energy hogs and develop strategies to reduce their usage.
"I like these strategies because they help to reduce energy consumption, lower monthly electric bills and promote a more sustainable lifestyle," Roberson said. "By leveraging these tools, you can gain better control over your energy usage and make informed decisions about your household's energy consumption."
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This article originally appeared on GOBankingRates.com: Utilities 2023: 5 Unexpected Reasons Your Electric Bill Keeps Going Up
