Do It Yourself Solutions for Cutting Your Monthly Electric Bill
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Do you want ways to lower your electric bill? With the rising cost of electricity, it’s becoming increasingly important to find ways to save money on energy costs.
Fortunately, some simple and effective strategies can help you reduce your electric bill. In this blog post, we’ll discuss seven ways to lower your electric bill and provide tips for reducing energy usage in the home.
Table of Contents
How Much Energy Does the Average Home Use
The typical American household now uses 11,000-kilowatt hours (kWh) of electricity annually, which is a 13-fold increase from 1950.
The average annual cost of power in the United States is between $900 and $2,000. Yet as long as prices grow, that sum will increase.
A house’s heating and cooling systems use most of the energy. Heating the home, utilizing air conditioning, and having hot water for laundry or showers will account for 42% of an average American household’s energy use.
You can start lowering these expenses if you install energy-saving appliances, follow some advice, and decrease these things.
Tips on How To Save Money on Electric Bills:
Reducing electricity consumption at home is a great way to save money and help the environment.
Here are some simple steps you can take to reduce your electricity usage:
Perform An Energy Audit
An energy audit verifies, monitors, and analyzes energy use in a building or facility. It is used to identify opportunities for energy conservation and cost savings.
An energy audit typically involves inspecting the building’s insulation, windows, doors, lighting systems, heating and cooling systems, and other equipment to determine how efficiently they operate. The auditor may also review utility bills to identify areas where energy use can be reduced.
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You collect data about your facility’s current energy usage to conduct an energy audit. This includes information such as the type of fuel used for heating and cooling, the age of the equipment, and any recent changes in the building’s occupancy or operations that may have affected its energy consumption.
You should also inspect all major components of the building’s envelope (walls, roof, windows) for air leaks or other heat loss or gain sources. Once you have collected this data, you can use it to develop an action plan for improving your home’s efficiency.
Kill Energy Vampires: Unplug appliances when not in use
Even when an appliance is turned off, it can still draw power if plugged in. Make sure to unplug any appliances you’re not using, such as TVs, computers, or microwaves.
Unplugging appliances when not in use is an easy way to save on electricity use. Minimizing energy vampires by unplugging unused electronics and appliances can reduce your energy consumption by up to 10%.
Not only does this help you save money, but it also helps reduce your carbon footprint and contributes to a more sustainable lifestyle.
Use Power Strips
Using a power strip reduces your electricity usage. Many people use them to protect their electronic devices. The accuracy is excellent. The majority of electrically powered gadgets are connected to walls.
Plugging problems may be fixed using a power strip. Switches on power strips enable you to simultaneously shut down several appliances and devices.
Switch the light off and unplug all of the appliances instead. It is an easy method of electricity conservation.
Use energy-efficient light bulbs
Lighting makes up roughly 15% of a typical home’s electricity consumption, and switching to LED lighting can result in annual energy savings of $225 for the typical household.
One of the quickest ways to lower your energy costs if you are still using incandescent light bulbs is to convert to energy-efficient lighting.
LED bulbs are becoming increasingly popular due to their energy efficiency and long lifespan. LED bulbs use up to 85% less energy than traditional incandescent bulbs, making them an excellent choice for reducing electricity bills.
Each LED bulb saves around $1-2 per month in electricity costs.
The average home has about 40 lightbulbs, so switching to LED bulbs can lower your electric bill.
In addition to the monthly cost savings, LED bulbs last much longer than traditional bulbs, up to 25 times longer! This means you won’t have to replace your bulbs as often, saving you time and money in the long run.
LEDs also produce less heat than other types of lighting, which can help reduce air conditioning costs in the summer months. And because they don’t contain hazardous materials like mercury or lead, they’re much better for the environment.
Overall, LED bulbs offer a great way to save money on electricity bills while helping protect the environment.
If you want to save more, go and buy some LED lights.
Turn Off Lights
A simple approach to reduce your electricity expense is to turn off the lights. Fluorescent lights can be turned off for longer than five seconds without consuming more energy than is required to switch them back on, according to energy.gov.
Most people assume that buying better light bulbs is the greatest method to save money. That is correct. However, not turning on the lights will help us save more money than the consummation that occurs when we do.
Use natural lighting to your advantage to save a lot of money. Remember to turn off the lights when you leave a room.
Install a programmable thermostat.
It’s time to change the temperature. The majority of us spend the day at work. There is no need to heat or cool the house to a comfortable level during such hours.
According to Energy.gov, you can reduce the temperature by 7–10 degrees for eight hours and save up to 11% on energy costs.
That means that you can make adjustments before work and even while you sleep. Many individuals can do this manually, but having a programmable thermostat can assist in automating the process and even let you control the temperature from your smartphone.
Automating your thermostat can help you reduce your energy costs.
Programmable thermostats allow you to set temperatures for different times of the day, so you don’t have to worry about manually adjusting the temperature every time you leave or come home.
This helps keep your energy costs down by only heating and cooling when necessary.
Use cold water for laundry
Washing clothes in cold water instead of hot can save up to 90% of the energy used for each load of laundry. Air drying clothes instead of a dryer can also help reduce electricity consumption significantly.
Invest in energy-efficient appliances
When shopping for new appliances, look for ones certified as energy efficient by the Energy Star label or other standards organizations like CEE (Consortium for Energy Efficiency).
These appliances will use less electricity than standard models and save you money on utility bills over time.
Air Dry Dishes
Dishes are frequently placed in the dishwasher and then dried thoroughly using the heat drying feature.
Why not let them air dry? As effective as opening the washer door and letting air in, air drying. You may find it easier if your dishwasher has an air-dry feature.
The typical power consumption of dishwashers is 1,800 watts, and water costs vary by region, season, and even hour of the day.
For an hour-long load on a 1,800-watt model, you’ll consume roughly 1.8 kilowatt-hours (kWh) of power, which is fairly low for a dishwasher.
The cost of power in the US is approximately $0.13 per kWh, so if you run your dishwasher for an hour five days a week, it will only run you about $6 a month. This is a little, but it all adds up.
While technology is excellent for many things, air drying your dishes is an excellent method to save money.
Cleaning your dishwasher also improves its efficiency.
Buy Energy Efficient Appliances
Energy efficient appliances can save households a lot of money on their electricity bills. By choosing energy efficient ENERGY STAR-certified refrigerators and freezers and using and maintaining them properly, households can save up to 20% on their electricity bills.
ENERGY STAR appliances such as clothes dryers, washers, refrigerators, and dishwashers can significantly reduce electric bills.
Other energy efficient products for consumers include heating & cooling systems, water heaters, lighting, building products, office equipment, and electronics.
The benefits of using energy efficient appliances are numerous. Not only do they help reduce electricity bills but they also help reduce carbon footprints in the environment.
Some of the best energy-efficient appliances for your home include refrigerators, dishwashers, clothes washers, ceiling fans, and heat pumps.
Don’t just buy an appliance based on price – go for energy efficiency. The savings alone will pay for it in the long run.
Hang Your Clothes To Dry
Did you know that a typical clothes dryer uses between 1800 and 5000 watts of power each time it is used? Have you ever considered simply letting them dry outside?
You will not only save money by not using a dryer, but you will also avoid purchasing a dryer if you can take your clothing and hang it outside.
Little hacks like these can help people save money because they are not using electricity.
Take a Shorter Shower
People love their showers. The flowing hot water and rising steam can leave you feeling relaxed and satisfied inside, but are showers necessary?
A short cold shower can save you big bucks on your energy bill. Water heating is the second largest household energy expense; it takes up 18% of the energy bill for homes.
Many finance gurus on Twitter joke about taking cold showers to save money. The savings are no laughing matter, though – if you can take shorter cold showers, you can dramatically reduce your water and energy bills.
The next time you’re tempted to take a long, hot shower, consider cutting it short and turning down the temperature. Doing so can help you save money in the long run.
Check for Air Leaks
Air leaks are gaps or cracks in your home’s walls, windows, and doors that allow air to escape. Air leaks in your home can cause your electric bills to increase significantly.
This causes your heating and cooling system to work harder to maintain the desired temperature, leading to higher energy costs. Also, air leaks can cause drafts, making it feel colder than it actually is, leading you to turn up the thermostat even more.
To reduce air leaks and lower your electric bills, start by inspecting the exterior of your home for any visible gaps or cracks. If you find any, seal them with caulk or weatherstripping.
Inspect around windows and doors for any air leakage. If necessary, replace worn-out weather stripping or add new insulation around these areas.
Finally, check for any air ducts that may be leaking air from inside your home. If you find any holes or cracks in the ducts, seal them with duct tape or metal foil tape. Doing this will help ensure that all of the heated or cooled air stays inside your home instead of escaping through the ducts.
By reducing air leaks in your home, you can save money on energy costs and keep your electric bills low.
Consumers can save 15% on energy bills, according to the Environmental Protection Agency (EPA), by insulating their attics, basements, and crawl spaces.
Check your home for these leaks to be sure you are taking advantage of all possible energy savings.
Use Solar Panels
Solar panels are expensive, but they can save energy costs and increase the value of homes.
We have solar panels in our house. It is costly, but if you plan to be in your house for a while, it is worth it. When designing a system, focus on the break-even date.
Your salesperson can provide the break-even date to you. Then decide if you think you will live in the house that long.
Solar energy is a clean and renewable source of electricity that can help reduce your electric bill. Solar energy converts sunlight into electrical energy through photovoltaic (PV) panels or mirrors concentrating solar radiation.
This energy is then used to power homes and businesses, reducing the amount of electricity needed from traditional sources. While installing solar panels may be expensive, the long-term savings on your electric bill can be significant.
In addition to saving money on your electric bill, solar energy also has environmental benefits. It produces no emissions or pollutants, making it an excellent choice for those looking to reduce their carbon footprint.
Furthermore, since it is a renewable resource, it will never run out and can be used indefinitely.
Overall, investing in solar energy can be an excellent way to save money on electricity while also helping to protect the environment.
Although the upfront costs may seem daunting, the long-term savings and environmental benefits make it well worth considering as an alternative source of electricity.
Ask About Discounts
People love getting discounts and sales on items. Did you know that some utility companies offer discounts? It is always a good idea to ask your utility company if there are any discounts or incentives.
Many companies will give discounts for going paperless. There can be other opportunities for deals and discounts.
Remember, if you never ask, you may never get anything. Take some initiative and ask for additional discounts.
Lower Temperature for Your Hot Water
The typical setting for water heaters is 140 degrees Fahrenheit. A temperature reduction to 120 degrees Fahrenheit can result in a 10% reduction in energy expenses.
We all like a nice hot shower, but implementing these changes will ultimately result in greater financial savings.
To make it even better, set the thermostat to the lowest level while you are away from home to avoid wasting electricity.
Lower Your Electric Bills
We can take many practical steps immediately to start seeing results. From taking a cold shower to making sure your home is properly insulated, there are plenty of tips that can help you reduce your electric bill and free up some extra cash.
Investing this money in the right funds can help you build wealth over time. Now is the perfect time to invest long-term and reap the rewards!
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Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.