No doubt about it, providing energy to a home these days is a pricy proposition.
With the cost of living on the rise due to inflation, supply chain issues, and higher interest rates, the price of household energy is on the rise, too.
“The cost-of-living crisis and increased price cap on energy bills is an issue affecting families everywhere,” said Jonathan Merry, chief executive of MoneyTransfers.com. “For example, our research shows that combined, many household appliances simply cost too much to run simultaneously under current energy prices.”
As a burgeoning economic crisis is causing families to choose between eating or cutting down on energy bills, MoneyTransfers reviewed the high cost of household appliances. The firm found that air conditioners are the most expensive appliance, using current energy prices of £0.28 per Kilowatt Hour (kWh). Electric heaters, tumble dryers, and washing machines are close behind on pricing.
Meanwhile, at the bottom of the list are light bulbs (assuming it's used for four hours a day) at just a few dollars each month.
To cut energy costs in a period of rising prices, household consumers must also contend with summer and warmer weather, where energy prices tend to heat up.
“What providers pay for electricity such as gas or fuel costs has increased in recent times and energy providers have begun to pass on those costs to consumers,” said Amy Shunick, corporate financial controller at Bennett Packaging, in Kansas City, Mo. “Also, the natural increase in temperatures has boosted the use of cooling appliances and this has increased electricity bills by a significant amount.”
To fight back against rising energy prices and keep more cash in their pockets, home dwellers need to get disciplined and creative in curbing household utility costs. These tips should get you on the right track.
Go solar. Add solar lights to your property and you’ll no longer have to pay the cost of electricity necessary to keep your residence well-lit.
“After an initial installment cost, the sun will power your solar lights free of charge,” Mitchell Elworthy, founder and director of The Lighting Outlet, told TheStreet.com. “Furthermore, there’s no need to buy new cords, plugs, or outlets. Solar lights operate with the use of rechargeable batteries. The batteries recharge as soon as the sunlight hits the solar panels."
Solar lighting systems are also just about maintenance-free. “When properly installed, solar lights will require little-to-no maintenance but for changing the batteries every five to seven years,” Elworthy said. “There’s a good chance your solar lights will prove maintenance-free for as long as you own them.”
Focus on the fridge. Check the coils at the back of your refrigerator and keep them free from dirt and debris.
“Ideally they should be about 10cm from the wall to ensure the best possible energy efficiency results,” said Martin Desmond, a certified electrician at Wizer Energy. “Try to keep your fridge's temperature around three degrees Celsius with the freezer at around -17, maintain this steady temperature to optimize energy performance.”
Shut down appliances. With utility management, simple steps make a huge difference.
“Just turning off appliances as opposed to just leaving them on standby can actually slash around 20% off of your energy bills,” Desmond told TheStreet.com. “Some of the worst offenders are laptops, games consoles, set-top boxes (like cable boxes), televisions, and even phone chargers.”
Use LED bulbs. Light-emitting diode (LED) bulbs are incredibly efficient when compared to older, filament bulbs.
“LEDs that come with the energy star rating can use 75% less energy in certain cases when compared to incandescent bulbs,” Desmond noted. “LED bulbs also last far longer than filament bulbs.”
Get shady. One efficient way to help reduce your air conditioning and power bill is to install window shades on south-facing windows.
“Preventing the sun's rays from entering the home is an easy way to reduce your cooling load,” said Wayne Turett, founder of New York City-based architecture firm The Turett Collaborative. “By observing what rooms are most affected and which windows, you can easily purchase and install shades (they don't have to be blackout type) that block most of the sun without blocking your view. An easy and inexpensive place to purchase is Ikea, but there are many options.”
If you prefer something more high-end, you can buy Lutron Serena shades that have automated opening and closing. “Depending on what latitude you live in, south-facing windows are good in the winter,” Turett told TheStreet.com. “They will reduce your heating requirement and save electricity, gas, or oil.”
Watch the clock. Most electric and gas companies have time of use plans that will allow you to save money by not running your heat or AC during certain times of the day.
“By getting a programmable thermostat you can preheat or precool your home before the most expensive times and then not run the heat or AC during those most expensive times of the day,” said Matthew Robbs, founder of Smart Saving Advice, a personal finance and budgeting platform.
When Robbs got a programmable thermostat and switched to a time of use plan with his electric company, he saved almost $100 a month during summer.
“Even during the winter, we’re still able to save $10-20 a month by not running the dishwasher, dryer, or oven during that time of use when electricity costs more,” he told TheStreet.com.