5 Tips For Saving Money on Your Electric Bill

With prices surging for natural gas and electricity, many people feel the squeeze. But, with a little creativity, several energy-saving tips can significantly lower your bill.

From when you use your electronics to how efficient your appliances are, small changes can add up to big savings. Let’s look at five simple ways to save money on your electric bill.

Install Energy-Efficient Appliances

Utility costs can be a significant portion of your household budget. Thankfully, there are many simple, affordable ways to cut your electricity bills for year-round savings.

For example, you can install energy-efficient appliances like ENERGY STAR washers and dryers, refrigerators, air conditioners, dishwashers, and freezers. These appliances use 10 to 50 percent less energy than conventional models and can help you save money on your electricity bills.

You can better manage your budget by comparing electricity rates with websites like EnergyPricing.com and switching to a more cost-effective plan. Knowing exactly how much you’ll pay for electricity each month allows for more accurate financial planning, helping you avoid unexpected spikes in your utility bills.

Also, unplug small appliances that require a direct current, such as coffee makers and cell phone chargers, when not in use. They leak power even when turned off and account for 10% of the average US household’s electricity consumption. Simply unplugging or plugging these items into a power strip that can be switched off can add to big savings over time.

Many cities and towns offer reduced electricity rates during certain hours of the day. These off-peak rates can shave a few dollars off your electric bill. Also, if you plan on buying new appliances shortly, consider ENERGY STAR products that can lower your electricity consumption and help you save.

Turn Down the Thermostat

With winter here, many people are concerned that their energy bills will increase significantly due to heating costs. The good news is that you can lower your electric bill by taking a few easy steps.

One of the most important is to turn down your thermostat a few degrees. This is especially important during the winter when temperatures drop, and you’ll use more heat.

In fact, for every degree you decrease your thermostat during eight hours in the winter, your electricity usage will decrease by 1.5%. This will save you a lot of money over time.

If you have a programmable thermostat, it’s even easier to cut down your electric bill. You can program it to lower the temperature at night and while you are away during the day.

Also, be sure to unplug any devices and chargers not being used. They still use energy and can raise your electric bills. Especially those with transformers, like your TVs, small appliances, and power strips. Unplugging these items can save you a lot of money over time.

Close Curtains

In many homes, curtains aren’t just for aesthetics – they can help lower your energy bills. It’s thought that a third of home heat escapes through windows and doors, so preventing this can significantly reduce your electric bills in fall and winter.

It is recommended that you close your curtains in the daytime and open them at night to allow natural light to warm your home without cranking up the thermostat. However, lining your curtains can save even more energy costs, so looking into this simple yet effective eco tip is worth looking into. 

Turn Off Lights

Turning off lights is a simple way to save electricity and lower energy bills. Leaving the lights on wastes electricity and money, which can add up over time. In addition, it can shorten the life of your light bulbs and cost you money when it comes time to replace them. In a study that compared 74 pro-environmental behaviors, turning off the lights came out as the least costly in terms of financial savings and behavioral costs.

If you want to get even more efficient, invest in smart power strips that reduce the current when a device isn’t being used. They’re a little more expensive than traditional power strips, but they can save you a lot of money in the long run.

Many factors affect a household’s electric bill, and knowing which ones matter the most can be hard. However, these tips can help you shave a significant amount off your electric bill each month without making any major sacrifices in the comfort of your home.

Switch Suppliers

If you live in a deregulated area, you can choose your own electricity supplier. Energy suppliers can offer cheaper rates than your traditional utility company; some even offer renewable energy options.

The key is to shop around and compare prices before committing to any supplier. However, switching your supplier will keep your reliability the same, as the public utility company will still maintain the poles and wires and be responsible for customer service and infrastructure upgrades.

It’s also important to consider any introductory rates when comparing suppliers. Many suppliers lure new customers with one-month free or low introductory rates, which increase after the promotional period ends.

Additionally, it’s a good idea to choose a fixed rate so that your electricity rates are predictable for your contract term. This can help offset the impact of world events and market volatility on your energy costs.

Contact your selected suppliers and ask them about their pricing plans, including the available contract terms and renewable energy options. Also, remember to set multiple calendar reminders for your contract renewal dates so that you can always compare rates before the deadline passes.