Published on May 10, 2022.
4 minute read
Lowering your energy bills used to be as simple as switching your supplier. However, this is no longer the game changer it once was. Energy prices have risen globally on a dramatic scale and the USA is no different, seeing a rise over 20% in the last 3 years alone. A home energy audit provides a customized plan for reducing annual energy costs. This plan typically has some great advice to save you hundreds of dollars on energy bills. Some great ideas on lowering your energy bills include performing an audit and installing more energy efficient appliances. President Biden’s Investing in America plan may entitle you to a 30% tax credit (up to $150) for a professional home energy audit. To claim this credit, include form 5695 with your tax returns for 2023 through 2032. This, along with numerous other incentives, is part of a nationwide effort to combat climate change and reduce the cost of energy. Energy-efficient appliances can save you money by meeting consumption standards when in use. In addition to white goods such as fridges and dishwashers, there are many devices that you can install in your home to save you money. These include smart home hubs, air and ground source heat pumps, autonomous vacuum cleaners, and even smart lighting. Compare additional helpful information on how to reduce your energy expenses in 2023 by following these helpful tips below.
People across the nation are discovering a new method for energy-efficient residential ventilation. Heat pumps, which provide both cooling and heating, are currently the preferred system in American residences. There are tax credits for both air-source and geothermal heat pumps, which can reduce your monthly expenses over time.
Heat pumps provide hot water on demand and use a specialized heat conversion technology to provide efficient heating and ventilation to residences and businesses. Not only do you receive additional tax credits when you use solar panels to power your heat pump, but you also have a long-term plan to cut your energy costs in half within a few years.
In addition, heat pumps are typically quieter and more energy-efficient than conventional boilers, and they can fit in spaces where conventional systems cannot. You can also operate your heat pump remotely via the smart app on your smartphone. Your home energy audit may suggest peak and other demand areas that you can easily input into the app. For instance, turning on the air conditioner just before you return home on a sweltering day.
• Heat pumps provide both cold and heat
• More efficient than traditional systems
• Saves you hundreds in energy bills
• Can be combined with Solar Paneling
• Quiet and fits in small spaces
• Incentive Type: Tax Credit
• Incentive Amount: 30% of the cost paid by the consumer, up to $600
• How to access: Submit IRS Form 5695
• Subject to a cumulative, annual cap of $1,200
Numerous residential appliances are high energy consumers; these are devices that continue to utilize energy even when shut off. There are several methods for determining which devices should be disconnected or eliminated to reduce your electric bill. The leading method is to install a smart hub.
Sense, a home energy monitor that connects into your electrical panel and provides information about your home’s electricity consumption via a mobile app, is an example of a smart hub. In addition to being available for purchase online, the monitor can be connected to your smartphone after the app has been downloaded. The app then demonstrates how disconnecting or eliminating various devices affects the total wattage used in the residence.
Individuals may also use a plug-in kilowatt meter to measure the energy consumption of specific appliances, such as a computer or flat-screen television. The overall temperature output of a device is one method for determining which ones are likely to consume the most energy. When these devices use a great deal of energy, they tend to become extremely hot.
Newer appliances are more energy-efficient than their predecessors. Energy Star ratings from the Department of Energy and Environmental Protection Agency indicate that the most energy-efficient appliances are designed to use less energy and can help reduce utility costs. Furthermore, “Eco” settings and efficiency cycles on washing machines and appliances require significantly more time but use significantly less water and electricity. The additional time may seem inconvenient, but it could have a noticeable impact on your bill, particularly if you operate your dishwasher and washing machine daily or more frequently.
Folk wanting to save money should also focus on the light bulbs in their homes; those still using incandescent lamps must promptly replace them. Choose LED bulbs instead, which are available at most department stores and online. An 8-watt LED bulb emits the same amount of light as a 60-watt incandescent bulb and lasts more than 40 times longer. Additionally, LED lighting bulbs are available in a variety of colors and intensities.