Electricity bills are skyrocketing across the nation.
This year’s summer electric bills are projected to rise by 8%, according to a June 2024 estimate from the National Energy Assistance Directors Association and the Center for Energy Poverty, and Climate.
That will push the national average energy monthly cost up to $719 for June through September, the organizations predicted.
But it’s not just the summer months that cause financial headaches, since the cost to heat your home is also set to rise. The U.S. Energy Information Administration reports that, due to increased consumption, spending will be $130 higher this winter.
For relief, a common suggestion is to adjust the thermostat in your home. Raise it during hot weather; lower it during cold weather. Although it can help, there are additional strategies you can take to remain comfortable in your home all year long without busting your household budget.
Temperature Settings Impact Cost
According to the U.S. Department of Energy, the smaller the difference between the indoor and outdoor temperatures, the lower your overall bill will be. The DOE claims you can cut as much as 10% a year from your heating and cooling bill by adjusting your thermostat 7 degrees to 10 degrees from its normal setting for eight hours a day.
The savings can be compelling, but whether it’s worth the discomfort is a personal choice. Imagine it is 100 degrees outside and it stays that way for a month. Your ideal indoor temperature is 72 degrees. If your energy bill is $500, would shaving $50 from it be worth kicking the thermostat up by a few degrees? It might.
“Research shows very few people notice a difference when a room’s temperature is 70 degrees or 78 degrees,” says Vernon Trollinger, a home energy efficiency specialist in Iowa and an editor for Texas Electricity Ratings.
“What they do notice is humidity. The human body cools itself by evaporating sweat. The more humid it is, the harder it is to evaporate sweat, and so we feel hotter,” he adds.
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Smart Thermostats Create Efficiencies
As an alternative to consistently closing the temperature gap in hot or cold times, you may consider investing in a smart thermostat. It will automatically raise or lower the temperature during unoccupied hours, thus reducing energy consumption and your bill.
“With the Nest, for example, we’ve seen people save 12% to 15% on heating and cooling costs,” says Ben Brown, CEO of Renew Home, a home energy management platform headquartered in Oakland, California.
Smart thermostats rely on machine learning, or artificial intelligence, to recognize patterns and then make adjustments. It will change the temperature when you normally leave and return home without you having to do anything.
They can also analyze weather forecasts for temperature fluctuations, then use that information to modify the temperature and optimize energy efficiency.
If your state has time-of-use pricing, a smart thermostat can save you even more money because it will seamlessly adjust when prices peak and decline.
“Rates can double during certain times of the day, so this can save a ton of money on energy,” Brown says.
[READ: 10 Ways to Save Energy and Lower Utility Bills]
Audit Your Home’s Energy
Could money be flying out the door? Possibly. And your walls and windows too. For this reason it’s a good idea to audit your home to know how energy-efficient it really is.
For the most thorough assessment, have an expert come to your home to conduct a checkup. Your utility company may provide this service but you may also hire an independent professional energy assessor. They will find out if air is leaking from your home, and offer suggestions on how you can plug those gaps.
“There’s nothing better than a professional third-party who doesn’t have a vested interest,” Trollinger says.
“They have the equipment. But you can also complete your own basic energy audit by getting a checklist from your utility company. A lot is really easy to do. For example, close a dollar bill in the door. If you can pull it free, there’s a leak. For drafts, wet the back of your hand and take it around the window frame. You’ll feel it,” he adds.
If you do notice air points of exit and entry, head to the hardware store. “There are all kinds of sealants and a giant can is often less than $10,” says Trollinger says. “Trust me, when you stop air from escaping, it will make a big difference in your bill.”
[Related:Should I Add Solar Power to My Home?]
Money-Saving Strategies To Keep Your Home Comfortable in Any Weather
In addition to (or instead of) thermostat changes, you can reduce your energy bill with a variety of other methods.
Brown suggests picking up affordable tech devices. Smart plugs, for instance, connect to your home’s Wi-Fi, and via the mobile app you can turn devices on or off, create a set schedule and monitor energy use.
“They’re very good for refrigerators and freezers that use a lot of energy,” Brown says. “You can shift energy to have it power off and still have the appliance work just fine.”
He also suggests smart light switches, which allow you to set timers based on your household needs.
“I’m a big believer in smart devices because there’s no way any person can keep all this stuff in your head,” he says. “It’s a very useful aid with growing electricity costs.”
Trollinger says there are many manual ways to reduce an energy bill, both in hot and cold weather. His suggestions include:
— To help keep your home cool, block out the sun’s rays by closing the curtains or drapes on south, southwest and west facing windows. Also, consider planting several trees to shade your home and its roof.
— Change heating, ventilation and air conditioning (HVAC) air filters regularly. Do it monthly if you have pets or smoke. Dust-clogged filters slow down the system’s ability to move air, making it run longer.
— Keep unused rooms open. Home HVAC systems are designed for balanced air circulation. “Closing off a room can make another room too hot or too cold,” Trollinger says. “If they run the whole house, they are designed to circulate it throughout the whole home.”
— Use fans only when you’re home. “Fans don’t reduce the temperature in your home but when they blow on you they make you feel cooler,” Trollinger says. “They take as much energy as a light bulb, but if you are running one constantly it will add up.”
— Turn off the air conditioner at night. When nighttime lows are forecast to get below 60 degrees, open the windows to cool your home. Close them up early in the morning before the day’s heat gathers.
— Time appliances such as ovens, dishwashers, and washer and dryers. “In the summer they can generate extra, unneeded heat when you are trying to keep your home cool,” Trollinger says. “It can also save you money if you are in an area for time-of-use of residential rates where you will pay less at night.”
— Switch conventional incandescent light bulbs to light emitting diode (LED bulbs). “I love LED because they last a long time and use less electricity,” Trollinger says.
Pursue Rebates and Take Energy Smart Actions
Take advantage of any rebates that may be available for investing in energy audits and upgraded appliances. You may be surprised by how your local utility company supports homeowners.
For example, Austin Energy in Texas gives residents an average rebate of $350 to install a new, energy efficient air conditioning system, and an $800 rebate to install a high-efficiency heat pump water heater.
San Diego Gas & Electric offers several rebates for smart thermostats and $500 for homeowners to replace a pump water heater with an electric water heater. Go to your utility company’s website and look for the rebate section.
When combined, actions you take to reduce energy consumption should result in a significantly lower bill at the end of the month and throughout the year. Changing the temperature to a setting you can live with is just the beginning.
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Does Lowering the Thermostat Really Save You Money? originally appeared on usnews.com
