In this article we discuss the 5 smart ways to cut your utility bills. If you want to read our detailed analysis of saving and trimming down expenses, go directly to 10 Smart Ways to Cut Your Utility Bills.
5. Chase Off-peak Hours
In the United States, electricity is more expensive during peak hours as compared to off-peak hours. Although the hours vary for each state, and even for each city in some cases, electricity is expensive during the day, and cheapest at around 5 AM when it is being used the least. Additionally, there is significant difference in electricity prices even between the busy afternoon when it is more expensive than the early morning. For people who want serious cuts on their electricity bill, juggling their chores around these times would be beneficial. Appliances that tend to use a lot of energy such as washing machines, dishwashers, and irons should be used primarily during off-peak hours so as to be billed the minimum amount by the supplier. Although the idea does not seem very practical, it is inarguably one of the smartest ways to cut electricity bills.
4. Go Solar
Using solar panels lets homeowners produce their own power instead of relying on the electricity being supplied by a utility company. The installation and usage of solar panels signifies that the sunlight would produce electricity for the house as well as charge the batteries attached to the panels. The charged batteries power the house during the time when the sun is not present, such as during the night or during cloudy days. Although installing sufficient solar panels to power the whole house means that homeowners could even cancel their account with the power supply company, it is a good idea for the company’s electricity to be available in case backup is required. As electricity derived from solar energy is completely free, using solar panels could help cut the electric bill by up to 90%. However, solar panels are expensive, and their installation requires professional help.
Yet, many states in the US even offer monetary incentives to residents that install solar panels in the form of clean energy grants and Solar Renewable Energy Credits (SRECs) which could even exceed $300. Thereby, installing solar panels not only reduces utility bills but also brings in financial gain. Moreover, federal tax credits are also applied for solar paneling; homeowners are entitled to a maximum of 30% of the solar panel installation cost from the federal government. After they are installed, solar panels rarely require any maintenance or repairs, making the initial cost a one-time investment. Most solar paneling companies, such as Brookfield Renewable (NYSE: BEP) offer warranties or service contracts to the homeowners according to which the company must fix any issues that arise without any additional cost.
3. Electricity Replaces Gas
In places where electricity is less expensive than natural gas, people can replace a number of gas appliances with electric ones. For instance, gas stoves can be taken out and electric stoves be put in. Moreover, water geysers that run on gas can be replaced with those that run on electricity. Even gas ovens can be replaced by electric ones. Although these replacements would be inconvenient due to the hassle that they entail, they would save money by cutting bills, and would gradually even save the amount of money spent on the replacements. In addition to reducing utility bills, using electric appliances instead of ones that use natural gas would also make them safer. There are less chances of fire hazards with electrical appliances as compared to natural gas appliances.
2. Add Insulation
According to many estimates, two-thirds to half of the electricity bill in a house is taken up by air conditioning systems. Maintaining a moderate temperature instead of making the indoors too warm or too cold is preferred in order to cut down on bills. However, you can even help the air conditioning and lower the electricity bill further by improving the insulation in the house.
Without insulation, the internal environment of the house becomes the same as that of the outdoors, which means that it would be as warm or chilly in the house as it would be outside. Air conditioning usually takes up a lot of power to lower or raise the indoor temperature to the desired temperature. As insulation reduces the effect of outdoor temperature on the indoor environment, the air conditioning would not have to work as hard and would hence reduce the electricity bill by a up to 30%. Insulation is thus beneficial in terms of keeping the house at a comfortable temperature and even possibly eliminating the need for air conditioning. It comes in many types such as Batts and Blankets. Loose Fill, and Spray Foam. Even the hot water tank in the house can be insulated by using an insulation blanket and fixing it with heavy-duty tape. A small step such as insulating the hot water tank can contribute to reducing utility bills considerably.
1. Better Billing
Keeping up with technological advancements, even the chosen method of billing can save on utility expenses. Most utility companies have hidden costs on the bills that are the printing and posting expenses for the bills that are mailed to you. Precious dollars can be saved if customers opt for internet billing. Moreover, opting for bills to be sent over the mail saves paper and is subsequently better for the environment.
Another smart way that the act of billing can cut your utility bills is by installing smart meters. Smart meters have a digital display unit inside the house that allows users to see exactly how much power, natural gas, or water has been used by them, and how much they owe the utility company. This can not only help with possible inaccurate or deceptive billing by the utility company but can also help you remain in budget by being updated of utility expenses regularly.
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