How to Save Money Around Your Home

By Jennifer Noble | Jul 11, 2017

When it comes to saving money around the home, we could all do better. It seems that there is always a few more things that any homeowner can do to make their home more efficient and less expensive. If you have been thinking about money saving upgrades to your present home's equipment, then we have a few suggestions to offer.

 

Water Heater

 

Another energy fiend in most homes is the outdated, improperly typed or incorrectly sized water heater. In the U.S., the average homeowner with an electric hot water heater spends $500 worth of electricity to heat their water while those with gas water heaters only spend about $250 per year. Switching to a new hot water heater with better insulation and efficiency can drastically affect your yearly utility costs.

 

How Much Can You Save?

 

For those switching from a traditional gas water heater to a condensing hybrid tankless water heater, they can expect savings of around $120 per year, nearly half of their current bill.

If your current setup includes an electric hot water heater, switching to a high-efficiency hybrid heat pump water heater can save you up to $300 per year towards electricity costs.

As an added bonus, many utility providers are willing to help homeowners adopt new energy efficient technologies by providing rebates and incentives to make the switch so check with your local provider to see what they have to offer.

 

Air Conditioning

 

The old window units or central air conditioning unit in your home may be costing you hundreds of extra dollars in energy bills each year. By updating to a new air conditioner with a high-efficiency rating, you are quite literally putting money back into your pocket and raising the resell value of your home.

 

In addition to lowering your utility bills, installing a central air conditioning unit can make your home a healthier environment by lowering the humidity and providing a better seal against outside pests and contaminants. These two advantages save you money by eliminating the need for expensive dehumidifiers and pest control services. When you consider that you save money, add value to your home and eliminate the yearly headaches of installation/removal and storage of window units, it makes the switch to central air conditioning well worth the initial costs.

 

Insulation

 

The U.S. Department of Energy has stated that unless your home was specifically designed, constructed and insulated for high efficiency, you are probably spending more than necessary on annual heating and cooling costs. The addition of new insulation can save the average homeowner around 15% of their heating and cooling bill according to the EPA and EnergyStar reports. If you remember growing up with thermostat wars and being told to put on an extra sweater if you were cold, then you understand just how uncomfortable it can be to live in a home with improper insulation. You can stop the battle and lose the sweater when you have your home insulation brought up to a high-efficiency standard.

 

Whole House Energy Assessment

 

To determine if your home could benefit from benefit from various efficiency upgrades, a whole house energy assessment, also called an energy audit, is highly recommended. In most cases, the price for an energy audit runs between $300 to $500 but the value of the test comes from the fact that it removes the guesswork out of streamlining the efficiency of your home. (Your local utility company may offer a reduced price energy audit or rebates on your bill so be sure to check.) This assessment will be very helpful in finding areas of your home that can use improvement and what will provide the most benefit in relation to initial costs. In many cases, this information can also be used to determine how long it will take for a particular upgrade to pay for itself in energy savings.

 

Saving money around your home doesn't have to be difficult. With a few simple upgrades to high-efficiency units, your home can be a comfortable place without breaking your budget.

 

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