The utility of electricity varies with changes in seasons. Winters see us using water heaters for hours, and summers get us to use air conditioners for hours. One thing that doesn’t change is that our electricity bills are sky-high at any time of the year. We’ve devised a few easy steps to help you save money on electricity bills. This will, in turn, lower your budget and allow you to use money in other ways.
Platforms like Beem can help you plan your savings better and stay ahead of your financial management.
How to Save Money on Electric Bills
There are a number of ways you can save money on electric bills. Let’s explore some of these.
Turn Off the Lights
Turning off the lights is the most efficient way to save money on electric bills. Just turn off the lights whenever you leave your room and switch off most of your house lights. If your electric company charges 10 cents per kWh, turning off five lights in your house for 10 hours a day can save you $6 monthly on your electric bill.
Do an Electricity Audit
Auditing the electricity usage in your house allows you to figure out what electricity appliance costs you more than it should. Electricity audits are very easy and efficient, and you can hire an expert from your local electricity company to audit. These are mainly done for free or at a minimal cost.
You can also look for free online electricity audit tools and conduct a simple version yourself. Some solutions may be quick and inexpensive, while others require investing in better appliances or other significant purchases. Make sure to run the numbers.
Configure Your Thermostat
Keeping your home warm is the most money-consuming part of electricity use. Hence, reducing the temperature of your thermostat can help you save a lot. If you reduce the thermostat by 2 degrees, you’ll save 5% on your bill, and decreasing it by 5 degrees will save up to 10%.
The thermostat’s location in a home also impacts the electricity bill. Avoid placing your thermostat in places where natural sunlight is easily available or where it is usually warm. The thermostat adjusts to the room temperature. Placing it somewhere cool, in the middle of the house, or near a cold wall can optimize how you use it.
Read Related Article: How To Save Money For A Vacation In 6 Months.
Lower the Water Heater Temperature
Most people never check if their water temperature is too high. You might waste $36 to $61 each year if it is. Setting the water heater temperature to 140 degrees may give you scalding hot water. Conversely, setting it to 120 degrees can affect your dishwasher’s ability to kill bacteria. Experiment with the temperature settings to find what suits you best.
Keep Your Fridge Cool, But Not Too Cool
Adjust your fridge and freezer temperatures to reduce energy consumption. Aim for your fridge to be between 35°F (1.5°C) and 37°F (3°C), and your freezer around -0.4°F (-18°C). Maintaining these settings can preserve your food’s freshness while lowering your overall electricity usage.
Switch Energy Providers
Switching energy providers can help save money on your electricity bill. Research different providers to find one offering lower rates or better deals. Compare their prices and contract terms to ensure you’re getting the best value for your energy needs. By exploring cheaper tariffs, you could save hundreds of euros monthly. Utilize price comparison websites to find the most favorable offers.
Additionally, opt for a digital account to manage bills online, which is often cheaper than paper billing. Once you’ve found a suitable option, ensure accurate billing by regularly submitting meter readings to your energy provider. Make the switch to start enjoying potential savings on your electricity expenses.
Check for Air Leaks
Check if your windows whistle or if you hear air coming in from under the front door on windy days. You can feel a draft around your door frames if the doors don’t seal shut. These air leaks cause your heaters to consume more energy and cost you more on your bill.
Investing in pressure-sensitive weather strips, available in rubber or plastic, is a simple way to seal windows and doors. With adhesive backing, they easily stick to frames and prevent air leakage. These strips also cushion doors and windows, preventing slamming. Remember to replace them every three years for optimal performance.
Read Related Article: How To Save Money For A House In 6 Months.
Don’t Run Your Appliances Unless They’re Full
Using your appliances, such as a dishwasher, washing machine, etc., for minimal loads can cost you time, money, and energy. Use your washing machine when the hamper is full of laundry so that you wash all the clothes together, and do not use the machine repeatedly for particular garments.
Using a dishwasher for little or very few utensils can also cost you money; instead, utilize most of the dishwasher when all the utensils are dirty. Additionally, use cold or warm water instead of hot when it is laundry day or washing dishes.
Go Solar
Installing a solar panel may be costly and out of budget, but it’s worth it. Solar panels use natural sunlight as the electricity source, helping you save a lot of money on electricity bills for a very long duration. Using the electricity provided by natural resources is a one-time investment and an efficient way to save money and electricity.
Get in touch with the best solar dealers and hire those who are most suitable for you. The position of solar panels also plays a crucial role. It is essential to place it right where the sunlight hits so that it can consume the energy properly.
Maintain Air Ducts Well
Air ducts can significantly contribute to high electricity bills. To save money, ensure your air ducts are properly sealed and insulated. This prevents air leakage and maximizes the efficiency of your heating and cooling systems. Regularly inspect and maintain your ductwork to address any leaks promptly. Additionally, consider investing in energy-efficient HVAC systems and programmable thermostats to reduce energy consumption and costs.
Shut the Door
Keeping your door wide open when electricity appliances such as air conditioners or heaters are in use can cost you a lot of money and savings. These appliances are wired according to the room temperature, and keeping the door open results in the inflow and outflow of air. This behavior not only damages the appliances but also affects your bill.
Remember to shut the door whenever you come inside or leave the house; these little actions are crucial in billing your electricity bill.
Read Related Article: How to Save Money for Future.
Conclusion
High electric bills are another reason to be worried about your savings. Simple acts that optimize how you use appliances can help make a huge difference and help you figure out how to save money. Teach your kids and family members these little ways, too. Help them understand how one change can bring significant results. Delve into these ways of saving money on your electric bill and watch how your savings increase monthly.
Remember, it helps to get a little financial guidance in your savings journey. For instance, Beem’s Credit Score Simulator gives you access to several tools and resources to improve your credit score while managing your debt.
