The cost of electricity is high and keeps rising. Consumers experienced a 14% increase in electricity costs in 2022 compared to the previous year, which is twice the rate of overall inflation. As a result, utility bills have skyrocketed.
The good news is there are various upgrades homeowners can make that can significantly improve their home's energy efficiency and potentially lead to cost savings.
In a typical American home, more than half of annual energy consumption is from space heating and air conditioning, while water heating, lighting, and refrigeration account for 27% of annual home energy use. So, the next time your air conditioner stops working, you may want to consider that newer, more efficient model over the cheaper, less efficient alternative that runs up your utility bill.
Perform A Home Energy Audit
The best way to learn about potential savings is a home energy audit, where a professional auditor assesses your home’s energy usage and recommends targeted upgrades that ensure you’re getting the most for your money. They may also be able to help you identify what are known as energy vampires, or devices that still use energy when plugged in but not in use. It’s estimated that energy vampires could be costing homeowners $200 a year. This energy waste could have powered 11,000 homes.
Update Your Appliances
Transitioning to new versions of products like efficient HVACs, electric heat pumps, double-pane windows, LED lighting, and insulation can all help lower utility bills. Look up Energy Star certified appliances to help with your selections.
Reduce Energy Waste
Reducing energy waste is another crucial step in making a home more energy-efficient and cost-effective. Studies show that a staggering 35% of home energy consumption in the U.S. is actually wasted. Meaning, the cold air your AC just cranked out may be escaping through small spaces in a home, which is literally throwing money out the window. To minimize the amount of wasted energy coming from your home, it’s important to address what’s called the “building envelope” before purchasing a major new appliance like an HVAC. The “building envelope” refers to a home’s external barrier, and should be checked for energy leaks. This may involve installing energy-efficient windows, repairing the roof, or adding insulation to ensure that heating and air conditioning stay where they belong - in your home.
As electricity prices continue to rise, finding strategic ways to make your home more energy efficient become crucial in reducing the burden of utility bills. Not sure where to start? Consider starting with the major appliances in your home. Source: Our Partner - Goodleap