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14 Tips to Save Money on Your Electric Bill

Energy usage can be a significant part of your monthly budget, with the average residential electric bill in the United States being nearly $152 per month, according to SaveOnEnergy. Fortunately, there are steps you can take to reduce energy costs, regardless of the weather. These tips can help you lower your electricity expenses and free up cash for other needs each month.

1. Minimize Wasteful Energy Usage

Turning off lights and electronics when not in use, avoiding over-drying clothes, and setting your dishwasher to the shortest cycle can help you use only the energy you need.

2. Unplug Electronics

Electronic devices draw energy even when not in use if they’re plugged in. Unplugging TVs, laptops, gaming consoles, and other electronics could save you hundreds of dollars a year in energy costs. Alternatively, plug them into a power strip you can switch off at night.

3. Change Your Lightbulbs

Switching to LED light bulbs can save a typical household about $225 per year. Although LED bulbs cost more upfront, they last longer and use up to 90% less energy than incandescent bulbs.

4. Adjust Your Thermostat

Heating and cooling your home often accounts for the largest portion of your electric bill. Adjusting your thermostat by a few degrees can significantly affect your costs. Consider getting a programmable thermostat to schedule temperature changes when you’re not home.

5. Rethink Your Hot Water Usage

Heating water accounts for about one-fifth of the average household’s energy costs. Taking shorter showers and using a low-flow shower head can save up to 60% on your water bill. Lowering your hot water heater’s temperature to 120 degrees can also help reduce costs.

6. Revamp Your Laundry Routine

Washing clothes in cold water and only doing full loads can help you save on energy costs. Heating water to wash clothes accounts for 90% of the energy used by your washing machine.

7. Protect Your Windows

Installing blinds or curtains can help keep your home cooler in the summer and warmer in the winter, reducing the workload on your HVAC system.

8. Use Power During Off-Peak Times

Many utility providers offer reduced rates or rebates for electricity used during off-peak hours. Check with your provider to see if you can benefit from such a plan.

9. Track Your Energy Usage

Apps can help you track energy usage and identify ways to cut costs. Depending on the app, you may need to install a monitor in your home.

10. Evaluate Your Insulation

Proper insulation and sealing can save 15% on heating and cooling costs by keeping your home cooler in the summer and warmer in the winter.

11. Get a Home Energy Audit

A home energy audit can help you identify areas where you can cut back on energy consumption. You can DIY your audit or hire a professional.

12. Switch to Energy-Efficient Appliances

Energy-efficient appliances use less energy and can save you 10% to 50% on your energy bill. You may also qualify for a federal tax credit if you install specific clean energy equipment in your home.

13. Consider Installing Solar Panels

Solar panels can save residents an average of $1,500 annually on energy bills. However, the initial investment can be high, so it’s important to do the math to estimate your actual savings.

14. Negotiate Your Electric Bill

If you live in a state that allows you to choose from several electricity providers, you can attempt to negotiate your bill. Research rates and make a call to your provider to argue for a lower rate.

What to Do if You Can’t Afford Your Electric Bill

If you’re struggling to pay your electric bill, contact the utility company to set up a payment plan. You can also look into state-based energy assistance programs and charities that offer financial assistance.

Take Steps to Minimize Your Energy Costs

Start small and work your way up to more significant changes. Many of the tips listed above cost little to nothing and can be implemented today. For more significant changes, like purchasing new appliances or installing solar panels, do your research and compare pricing to find the right solution for you.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you with all your mortgage needs!

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