June 1, 2023

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Earn a Higher Return on Investment Through Lower Electric Bills

What Is Rate of Return and What Is a Good Rate of Return? - TheStreet

Many, if not most of the energy saving products and services can cost more than what millions of consumers use now. Consumers use conventional ways of energy as there are often cheaper options than the costlier energy efficient products such as solar panel and geothermal energy products. They are drawn to the traditional services and gadgets as it is more familiar to them.

However, the savings on electricity that they can make from the pricier energy saving products and savings can eventually yield a high return on investment in the future. Buying something as an investment today can be more beneficial than forever turning to the traditional products and services. 

Recently, it is becoming a trend that homeowners are switching to energy saving and solar energy, so that they can reduce their consumption and earn a higher return on investment through lower electric bills. It will prove to be an advantageous investment on their part as when they choose energy efficiency they can get their money’s worth back. 

What Strategies Can You Use to Reduce Your Electricity Bill?

  1. Invest in Solar Panels

There are two main reasons why homeowners switch to solar energy, and they are financial savings and to help the environment. In the end, solar energy is one of the best investments you can make. 

The average American solar purchaser will have a return on their investment (ROI) of 20 percent or more, with most solar panel systems giving back many times the initial investment in the course of its run, which can last more than a decade.

By installing solar, you can reduce your own personal environmental footprint. So, install solar panels in your home and save money on your electric bills.

  1. Home Insulation

Insulation is the protection that helps your house to maintain its temperature, both the heat during the winter months and the cool during the summer months. Insulation has the capability to save energy and in the end, save you money.

That is why, you should check to have extra insulation installed in your house, to your walls, pipes, and even floors so that you will have no need for extra heating, which will slash the cost off of your electricity bill. 

  1. Wash Laundry Using Cold Water

The process of washing clothing involves a lot of energy and one way to make it more efficient is to use cold water. One method for doing so is to adjust the temperature of the water you use when washing your clothes to the usual hot water to cold. According to Michael Bluejay, A.K.A. Mr. Electricity, washing clothing in cold water instead of hot can save you $152 per year. 

What Raises Electric Bills the Most?

  1. Using appliances and leaving them plugged

One main reason your electric bill may be high is that you leave your appliances plugged in even when you are not using them. Many modern appliances and electronics can still use electricity even when turned off. This is because much of modern technology never really powers down.

  1. Not enough home insulation

Not enough home insulation may be a big part of high energy bills. If your home is not insulated properly, your hot or cool air will escape. Double check your windows, and doors for any leaks. 

  1. Switch to energy saving appliances 

Older appliances that are not energy saving are less efficient than new appliances, which will reflect on your energy bill. For example, incandescent light bulbs and CFLs emit light and heat in every direction, which is a major energy waster. You should Upgrade your old appliances with new energy saving and efficient models. 

  1. Appliances that sucked up a lot of energy

The dishwasher and the washing machine may be great but they may be the reason behind your high electric bill. These use a lot of energy which will use a lot of money. Use the dishwasher when they are full, same for the washing machine so as to not waste energy when the appliances are not at their full capacity. 

7 Ways on How to Keep Energy Costs Low

  1. Have an energy audit
  2. Fix leaky faucets
  3. Check for cracks which air can leak
  4. Reduce shower time
  5. Use energy efficient light bulbs
  6. Switch to solar panels
  7. Use energy efficient new appliances