Due to rising prices, inflation, and the likelihood of a recession, older Americans must tighten their belts. This is especially true for seniors living on limited incomes after retirement. Americans pay $429.33 per month for their utility bills, so this is an excellent place to save money.
Of course, that’s easier said than done. According to CBS News’ price tracker, electricity costs have increased from $0.14 per kilowatt hour in 2019 to $0.18 per kilowatt hour by 2024, equivalent to a 28.5 percent increase.
Fortunately, there are ways to cut household costs. Check out these practical tips to reduce energy costs and keep more money in your pocket.
1. Invest in Energy-Efficient Appliances
You may want to consider upgrading your appliances to ENERGY STAR models if you can afford them. In contrast to older appliances, these appliances are designed to be more energy-efficient, leading to lower utility bills. With ENERGY STAR-certified products, a typical household can save around $450 annually on energy costs.You can also explore energy-saving alternatives such as induction cooktops and solar water heaters. Compared to traditional appliances, these options can offer significant energy savings.
2. Ensure Your Windows, Doors, and Air Leaks Are Sealed
According to the Department of Energy, the average American wastes $200–400 in annual energy because of drafts, air leaks around doors and windows, and outdated heating and cooling systems. Furthermore, reducing drafts in a home may result in energy savings of 10–20 percent.To resolve these issues, consider the following;
- Seal air leaks. Check around your windows, doors, and electrical outlets for air leaks. Seal these leaks with caulk or weatherstripping to prevent drafts and reduce energy loss.
- Insulate properly. Insulate your home well—especially the attic and basement. When properly insulated, a comfortable temperature can be maintained and excessive heating or cooling can be reduced.
3. Harness the Power of Window Coverings
Do you know that window coverings can decrease your home’s energy consumption significantly? In fact, it is estimated that curtains and drapes can reduce heat gain by up to 33 percent, while awnings can reduce it by up to 77 percent.To maximize your energy savings;
- Choose the right coverings. You may want to consider curtains, drapes, shades, blinds, or reflective film.
- Optimize placement. Whenever possible, hang curtains near windows.
- Select appropriate colors. All year round, use medium-colored draperies. A lighter shade in the summer can reflect sunlight, whereas a darker shade in the winter can trap heat.
4. Maintain Your Heating, Ventilation, and Air Conditioning (HVAC) System
By maximizing the efficiency of your HVAC system, you can reduce the cost of heating and cooling your home. To start, replace your air filters every three months or according to the manufacturer’s instructions. You might be able to save some money if you subscribe to an air filter service.
In addition, you should schedule an annual tune-up with an HVAC technician. They can inspect your system for leaks or damage hindering its performance.
5. Install Smart Thermostats
As soon as a smart thermostat learns your daily routine, it can adjust the temperature accordingly, saving energy while you’re away from home or asleep. A few models even come with remote controls, allowing you to adjust anywhere.Additionally, on average, you will save about $50 per year or 8 percent of your heating and cooling bills. However, the savings may be more significant depending on the climate, personal preference, occupancy, and HVAC equipment.
6. Use Lighting Efficiently
Your energy bills can be reduced by hundreds of dollars per year by selecting the correct light bulbs. You can, for instance, switch to LED bulbs. Compared to traditional incandescent or fluorescent bulbs, LED bulbs use less energy. LED bulbs also last longer and can significantly reduce your lighting costs.Furthermore, you can use natural light during the day by opening curtains and blinds. Natural lighting can reduce the need for artificial lighting.
7. Converse Water
Here’s another area you may overlook. You can, however, save money on your water bill by conserving water by:- Fix leaks. You should immediately repair any leaks in your plumbing to avoid wasting water. Over time, even a small leak can result in significant water bills.
- Invest in low-flow fixtures. To reduce water consumption, install low-flow showerheads, faucets, and toilets.
- Eco-friendly landscaping. For watering your garden, choose drought-tolerant plants and consider installing a rain barrel.
8. Get Cold
When washing laundry, start using cold water. The reason? A load of laundry uses 90 percent of its electricity to heat the water, according to Consumer Reports.In addition, the Alliance to Save Energy claims that washing clothes in cold water can save you $63 per year on electricity costs. This is an easy switch since most detergents work best in cold water anyway.
9. Use Fans
You save money when you don’t have to set your thermostat as low as when you have a ceiling fan since it uses just 10 percent of the energy of a central air conditioner.In summer, keep your fan set in the forward (counterclockwise) direction to pull up cooler ground air and blow it up onto you, providing a breeze to keep you cool. When the weather is cold, reverse the fan’s direction so that it rotates clockwise, allowing the warm air from the ceiling to fall back into the living space.
10. Slay Energy Vampires
When left plugged in, so-called vampire appliances leach energy 24 hours a day, seven days a week, regardless of whether you use them.“Unplug small appliances and electronics throughout the home that you’re not regularly using,” explains Dan Mock, vice president of operations of Mister Sparky, a nationwide network of electricians. “Not only will this save you money on your electric bill, but it might also save your appliances from being impacted by any lightning storm or power surges that might occur.”
Also, according to Just Energy, among the most bloodthirsty vampires are:
- electric toothbrushes
- TVs
- thermostats
- computers
- kitchen appliances
11. Downsize
While this isn’t an option for everyone, consider downsizing your home. After all, you’ll use less energy to heat and cool a smaller living space.On a smaller scale, use your microwave or toaster oven to cook small items. Compared to ovens, these appliances use substantially less electricity.
12. Ask for a Senior Discount
It doesn’t hurt to ask, right? In case you’re unaware, many utility companies offer senior discounts to people over a certain age, as a way to make utilities more affordable for those on fixed incomes.As an example, Lifeline offers senior discounts on basic utilities, new telephone installation services, and monthly fees. It doesn’t matter how small the discount is on each bill, every little bit counts.
13. Investigate Government Assistance Programs
Low-income seniors can benefit from assistance programs offered by government agencies and utility companies. You can find local programs by doing a little research. However, some options may include:- The Low-Income Home Energy Assistance Program (LIHEAP). With LIHEAP, low-income households can buy energy at a lower cost. Through this program, families are able to maintain healthy and safe indoor temperatures by getting financial assistance to cover heating and cooling costs. In addition, LIHEAP offers assistance with home repairs and weatherization related to energy efficiency.
- Weatherization Assistance Program (WAP). In order to improve the energy efficiency of homes, the WAP provides services such as insulation, leak sealing, and heating and cooling system upgrades. In addition to saving energy, this also lowers utility bills, making homes more comfortable and safe. As part of the WAP, energy audits are also conducted in order to determine the most effective measures for each household.
- Emergency Assistance. In many states, emergency assistance is available in order to keep low-income adults’ utilities on. You can find out about programs in your area by calling 1-866-674-6327 or 1-866-367-6228 for relay services.
14. Invest in Renewable Energy Sources
Think about investing in renewable energy sources, such as solar panels—if you have the means. Even though upfront costs can be significant, long-term savings on utility bills can be significant. Plus, this encourages an eco-friendly lifestyle.In addition, you might be eligible for a tax credit for energy efficiency. As part of the Inflation Reduction Act of 2022, numerous tax credits and deductions are available for energy-efficient home improvements. Homeowners may claim a tax credit of up to $1,200 per year for certain energy-efficient improvements under the Energy Efficient Home Improvement Credit.
15. Request an Energy Audit From Your Utility Provider
Even if you’ve done all of the above, you may still be able to lower your energy bill if you ask your utility company about a free energy audit. During an assessment, they can look for issues with the window seal, ductwork, and doors in your home. Depending on your home’s energy efficiency, they will make recommendations for improvements and repairs.Conclusion
Implementing these strategies can help seniors enjoy more financial freedom and significantly reduce their utility bills. Over time, small changes can add up to big savings.By John Rampton
The Epoch Times copyright © 2024. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
