Energy Bills Are Set To Soar in These 4 States: Save Hundreds With These Tips
Households in Oklahoma, Kentucky, North Carolina and South Carolina should prepare for higher electricity bills this year.
A recent Energy Innovation analysis projected household electricity rate increases of 76% in Oklahoma, 43% in Kentucky and 18% in both North Carolina and South Carolina. Individual bills may not rise by those exact percentages, but any increase will leave less room in your budget.
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Before you spend money on a major upgrade to lower energy costs, start with free fixes. The following no-cost, small changes could help you use less energy or identify issues that need addressing.
“I recommend clients not immediately go and buy something to ‘fix’ the problem,” said Michael Strickland, owner of EnergyBrokerTX. “A lot of solutions don’t cost anything and can have an immediate impact.”
Adjust the Thermostat
A small change in the thermostat can help save money, especially during very hot or cold months.
Strickland said households can save about $10 to $20 per month by keeping the thermostat in the high 60s in the winter and the high 70s in the summer. He also recommended using a programmable or smart thermostat to adjust the temperature automatically when no one is home or when everyone is asleep.
Patrick Gambel, owner of General Heating & Air Conditioning in New Orleans, said homeowners should also make sure the thermostat fan is set to “auto” instead of “on.” Otherwise, it will make the system run continuously and increase the bill.
Seal Drafts
Gambel recommended sealing gaps around doors, windows and attics so warm air doesn’t enter the home while the air conditioner is running.
Using caulk and weatherstripping to seal out drafts can save you about $10 per month (or $120 per year) in energy costs, said Strickland.
Besides windows and doors, homes tend to leak air from the same types of places and features, including wiring holes, plumbing vents, recessed lights, duct chaseways and basement rim joists.
Change Filters
Gambel recommended changing air filters regularly to keep your home’s HVAC system running efficiently. HVAC service, filter changes or coil cleaning could help recover 15% in lost efficiency, according to Strickland.
Have Your System Checked Annually by a Professional
Gambel said having your system routinely checked by a professional can keep small issues from turning into expensive repairs.
If the system is older, runs almost constantly or struggles to cool the home, you should consider more than basic maintenance, he added. At that point, it may be worth comparing repair costs with replacement costs.
Lower Water Heater Costs
Your water heater may be adding more to the bill than you realize. Strickland recommended lowering the temperature from 140 degrees Fahrenheit to 120 degrees Fahrenheit to save a few dollars every month.
Energy.gov has historically published webpages saying it's safe for most households to set the water heater to 120 degrees Fahrenheit. Doing so can eliminate standby heat loss, saving you $36 to $61 per year.
If you’re not sure how to adjust your water heater’s thermostat, review the manual or ask a professional. Some households may need a higher setting, such as those with chronic respiratory disease or immunocompromised individuals.
Use Large Appliances During Off-Peak Hours
Some utility companies charge less during off-peak hours. Gambel said households may be able to cut costs by running the dishwasher, washer or dryer during those lower-cost times.
However, it depends on your plan. If your rate is the same all day, changing when you use appliances won’t help. But if you have a time-of-day or time-of-use plan, moving some chores to cheaper hours could lower your bill. Check with your utility company to confirm.
Price Bigger Upgrades if Needed
Some upgrades can save hundreds of dollars per year, but the upfront cost has to make sense.
Strickland said replacing an HVAC system can save up to $700 annually, but the cost may be around $10,000. That upgrade may be worth it if the system is already unreliable or you plan to stay in the home long enough to benefit from the savings.
Attic insulation may also be worth pricing out. Strickland said upgrading thin insulation to proper R-38 insulation can save hundreds of dollars per year and usually pays for itself within 10 years.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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