Many homes are filled with small money pits that build over time. Necessities like A/C and energy for example, little by little can drain your account if you don’t manage them well. Luckily, there’s a few things you can do about it before it starts to hurt your wallet. Today we are going to go over four shocking money pits and how you can save money on your home.
1. Windows & Insulation
Is your energy bill through the roof this summer? Drafty windows and bad insulation may be the culprit.
Damaged or old single-paned windows can be one of the many money pits in your home. Especially in Arizona’s tough heat. Consider the benefits of upgrading to double-paned and better insulated windows. Many people are replacing their old windows with new energy efficient ones, once they’ve seen how much they’ll save!
If you’re considering upgrading your Insulation and Windows, checkout our list of TOP 5 Window Companies in the valley.
Window replacement is considered one of the best home remodeling projects in terms of investment return. After putting in energy efficient windows, you’re monthly energy bills practically get cut in half! On average, individuals claim to save a minimum of 25% and a maximum of 52% savings on their energy bill.
Installing new windows or doors can also have many tax benefits- you can claim anywhere from $500-$1500 in tax credits! Click here to learn more.
Did you know that only 10% of energy from a regular incandescent light-bulb goes to light? This means the rest contributes to giving off heat (which contributes to a much higher energy bill!) Many of us don’t put a lot of thought into what our light-bulbs are costing us, but just by replacing a few of these with energy efficient light-bulbs, you can save a couple hundred a year!
Up front, LED light-bulbs might cost a little bit more, but research has proven over time you’ll have more cash in your pocket.
If every household replaced just one incandescent bulb with an LED, Americans would save more than $460 million in annual energy costs.
The average American home electricity costs $1300 a year. Getting yourself in the habit of unplugging electronics and appliances can save you anywhere from 5-10% of that! This is a money pit that sneaks up on all of us. TV’s, printers, coffee makers, lap tops, and cable boxes continue to suck energy even when they are turned off. Consider purchasing a power strip, which is easier and much more efficient.
4. Air Conditioning
According to U.S. Department of Energy, ,heating and air conditioning accounts for almost half of your home’s energy use. Research also found that American homeowners altogether spend $11 billion on cooling costs every year! This is why it’s important to learn as many savings tips as you can so this doesn’t spiral into a money pit for you and your family. Here are some tips to help you save money on your A/C bill:
- Replace filters (at least once a year)
- Check your outside vents. Make sure there is unconstricted airflow. Otherwise your units will burn out quicker.
- Plant trees or shrubs to shade your home better
- Lower your A/C when you’re not home, and rise it at night. This can save you 5-15% according to Department of Energy.
Ultimately, making these subtle changes can significantly decrease your monthly bills and leave you with more cash in your pocket. Don’t let one of these utilities become a money pit, like many people make the mistake of doing. The investments you put into quality energy efficient products really does pay off.