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How to Save Money on Electric
Updated On November 1, 2021
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
How to save money on electricity is one of the top financial questions asked by homeowners and renters each year. If you live in a cold weather state in the winter time, or a hot state in the summertime, how to save on your electric bill is a top priority.
The good news is that there are many ways to save on the electric bill, and they are easier than you think.
Here are 6 ways to save on your electric bill:
1. Get an energy audit
While the term audit might not be appealing, it’s one of the best ways how to save money on electricity. Your state utility company may offer a free home energy audit. During the audit, you will learn ways to better insulate home and how to lower your electric bill. You will also learn about the simple home improvements you can make for how to save on your electric bill.
2. Install ceiling fans
Everyone loves air conditioning, but it can come at a steep cost. One of the best ways to save on the electric bill is to install ceiling fans. Compared to air conditioning, they are relatively affordable and can lower your electric bill. When it’s winter time, your fan should spin clockwise to help keep the heat inside. When it’s summer time, your fan should spin counter-clockwise to help heat rise and go outside.
3. Do laundry at night
If you want to know how to lower your electric bill, consider doing laundry at night. When you do laundry after 8 p.m., for example, your energy costs likely will be cheaper. Many utility companies offer lower electricity rates if you use appliances during non-peak hours. You can apply the same strategy with dishwashers as well.
4. Wash your clothes in cold water to lower your electric bill
Up to 90% of your heating costs from washing your clothes in a washing machine involves heating the water. Therefore, if you want to know how to save money on electricity, wash your clothes in cold water. When it comes to drying clothes, there is no big way to save money on dryer costs. Your best bet to save money on your electric bill is to air dry your clothes, which may not be ideal.
5. Keep your vents open to save on the electric bill
It may sound obvious, but make sure all your air conditioning vents are kept open. Having a thorough energy audit should help you discover any gaps in air conditioning or heating. Other ways to save money on an electric bill involve cleaning and replacing air filters. To provide for optimal airflow, you will want to replace your air filters each month. They only cost a few dollars, and replacing them will help your air filters block dust and dirt from flowing in your home.
6. Use power strips to save money on electricity
Did you know that a substantial amount of your energy costs – up to 75% — can be attributed to appliances when they are not being used? That means your television, computer, DVR, DVD player, gaming systems and more are using electricity all the time. Want to know how to save money on your electric bill? Plug all your electronics in a power strip and turn off the power strip when you are not using these electronics.
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