How it can save you money in more ways than one
Technology today does more than connect us to the rest of the world or give us the power of a computer in your smartphone. Every day, companies create new ways to help you become more energy efficient. You have the ability to set up your home to use fewer resources and reduce your carbon footprint. But beyond that, energy-efficient homes can save you money. The options you have can help with your monthly bills and with your tax expenses, and overall improve your family's bottom line.
Reduce Your Monthly Energy Bills
One obvious way that energy efficient homes help save money comes with your monthly utility bills. Look for Energy Star rated appliances to identify ways to reduce usage in the kitchen, the laundry room, and the way you heat and cool your entire home. When your appliances use less energy, you save hundreds or even thousands of dollars on your electric, gas, and water bills. Plus, you can use additional methods to become even more efficient:
- Set your temperatures a little higher in the summer and lower in the winter
- Close or block registers in unused rooms
- Use ceiling fans to help cool rooms
- Add insulation
- Replace your filters regularly
- Use a programmable thermostat and adjust the settings while you are away
Many of the small steps you take add up. The more you do to reduce your energy usage, the more you can save. A little less money leaving your account every month goes a long way over time.
Save On Your Tax Expenses
Up through 2016, you could earn tax credits on purchases of Energy Star rated appliances. While those have expired, you can still earn tax credits on solar panel installation, for either new or existing homes. That credit gives you 30% of the cost of installation back in your pocket and can offer you an excellent boost for your tax refund.
Tax credits are only the beginning of what solar can do. The most energy efficient homes use solar panels to generate and store electricity to run the home. During the sunnier months, you may even generate excess that you sell back to the local electric company! Plus, the cost has decreased in recent years, so the up-front investment, already paid for in energy savings over time, has become less daunting.
Fewer Incidental Costs
Finally, energy efficient homes help reduce some hidden costs that creep into your household. LED and CFL light bulbs last far longer than incandescent bulbs, so you do not need to replace them as often. A higher-efficiency HVAC filtration system gives you cleaner air and saves money on health care costs for your family. Some of the expenses you take for granted every year can drop while you help your home operate on less energy.
High-efficiency homes give you a way to contribute to making the world a better place, but you need not view the changes you make as a sacrifice. By developing ways to reduce your footprint, you can create cost savings for your family and build a better financial future too.
Equal Housing Lender