How To Save Money on Energy Costs

How To Save Money on Energy Costs

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The Cost of Modern Life

Energy rates are a common concern among homeowners. In the modern age every room has energy needs that must be accounted for, and although most people have a regular energy source the cost may not be consistent. Energy sources, and the costs associated, have changed much in recent years. In 1995, the generation of electricity was represented as about two-thirds of the final cost that the user paid. Today, generation accounts for less than half of the price of electricity. The remainder is made up of service fees and taxes.

How to Save Money on Electricity

The average American will have a monthly electricity bill of approximately $107. This is a considerable portion of a monthly budget. You can reduce the amount of money you spend on electricity by installing a programmable thermostat, taking shorter showers, and making sure you have modern energy efficient appliances. A programmable thermostat alone can save an estimated 10% per year on heating and cooling costs. Although no one wants to be frugal with their showers, water heating accounts for about 14 to 18% of a normal utility bill. It may seem counterintuitive to spend more money to save on utilities, a modern refrigerator uses three-quarters less energy than its 1975 equal, even though they are larger and actually cost 60% less.

The Details in Your State

Energy production and consumption will vary greatly from state to state, and can even be different from county to county. Energy companies in DC will probably have different rates than Ohio energy suppliers, who will show costs differently than Massachusetts energy rates. Your bill will provide a breakdown of these costs, and if you’re curious about a certain area this information can usually be found online. Often there is only one electrical provider in an area, but sometimes you can get a better deal if you live where there are competing energy companies. Shop around! For example, if you do live in Massachusetts and look for Massachusetts energy rates, you may be able to get a good deal for switching providers. This is just one way to stay smart about your power generation and consumption.

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