Unfortunately, this can also translate into higher electricity bills during the summer season. Experts said, however, that with some preparation and planning ahead, you can slash these high electricity costs and save a lot of money.
Consumer finance expert Tanya Peterson, vice president at Achieve , suggested saving on hot water.
“No need to take freezing cold showers, but in the summer, you may find a slightly cooler water temperature comfortable for many uses,” said Peterson. “Usually, 120 degrees for the hot water heater is fine, but try turning it down five degrees — or if your heater has just a scale, turn it down a notch.
Peterson added that if you need to replace a water heater, consider a tankless or an “on-demand” unit.
“The U.S. Department of Energy estimates these appliances are 8-34% more energy-efficient than conventional hot water tanks,” she added.
Schedule a Home Energy Audit
According to Courtney Klosterman, a home insights expert, Hippo Home Insurance , a home energy professional reviews your home’s electric usage and determines ways to reduce your consumption during an energy audit.
“These audits uncover opportunities for upgrades with long-term benefits, like developing a smart home strategy with devices that can help improve energy efficiency,” she said. “This includes tools like smart power strips which may reduce energy drain from devices on standby.”
By following the recommendations from the audit, homeowners can save an average of 5% and up to 30% on their annual energy bills, according to the Department of Energy.
Use Restraint with the Air Conditioner
“Many people spend a lot of time indoors over the summer and like to pretend it isn’t summer at all by keeping it nice and cool inside,” said Todd Stearn, founder and CEO, The Money Manual .
“Of course you want to be comfortable in your home, but it can pay big to try gradually raising the thermostat to make sure the temp you have it on really is the highest where you and your family can be comfortable,” added Stearn.
He also noted that savings projections vary a bit, but most sources estimate that you can save around 3% on your electric bill for each degree higher you set the thermostat.
Be Aware of ‘Time-of-Use’ Pricing
Shawn McLaughlin, founder and CEO, Emporia Energy , suggested that homeowners should be aware of time-of-use pricing. He said this is “a common practice by today’s utilities whereby the cost of energy used during peak hours increases by three to four times — or even more.”
“Peak hours are typically from 4 p.m. or 5 p.m. in the afternoon until 8 p.m. or 9 p.m. at night, when the sun is down or low in the sky — resulting in fewer renewables on the grid — and everyone is home cooking, doing laundry and homework causing high demand,” he said. “Since utilities have to power non-energy efficient supplies during these periods, energy costs are higher as well.”
He added that by shifting energy use during peak hours, homeowners can lower their energy demand and overall cost.
A few examples McLaughlin shared include running the washing machine or dishwasher during the day. There’s plenty of sun shining on the grid, providing much-needed solar energy. Late at night, when demand is lower, is another good time.
“Reducing peak hour energy use by 75-80% can lower a household’s electric bill by 30-40%,” he said.
Make Some Smart Switches
For instance, using ceiling fans can also help you save money on your electric bill.
“Ceiling fans are a great alternative to air conditioning and use considerably less energy; just make sure to turn them off when you leave the room to save even more money,” said Michael Collins, CFA, founder and CEO, WinCap Financial .
Another tip, Collins noted, is to switch to LED light bulbs, as they use significantly less energy than traditional incandescent bulbs and last much longer.
“You can also invest in cooler flooring,” Stearn said.
“While it may not be worth making these swaps if your current floors are in decent shape and you’re just trying to save money now,” he said. “But if, for example, your old carpet is pretty worn and you’re expecting to replace it soon, or if you need to choose flooring for a new build, it’s worth considering cooler flooring materials like tile, stone, wood, and laminate.”
Get updates delivered to you daily. Free and customizable.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.
Most Popular
Comments / 0