3 Ways to Lower Your Summer Electric Bill, #158

Retire With Ryan

With rising energy costs nationwide, listeners are begging for some money saving tips to beat the summer heat! On this episode, I’m sharing three ways to lower your electric bill this summer that will save you hundreds, possibly thousands of dollars in utility costs.

You will want to hear this episode if you are interested in...

• Examining rising energy costs [1:39]
• Could a new energy supplier save you money? [3:10]
• Taking advantage of a home energy audit [10:02]
• Saving money with smart thermostats [11:50]

Evaluate your energy situation

Temperatures during the summer are hot enough. We don’t need a painful electric bill to add insult to injury. Yet, the price of natural gas rising 24% last year has contributed to a national increase in electricity costs for consumers that use it. If you’re anything like me, you’re clamoring to find ways to bring your bill down without melting or bursting into flames. Thankfully, there are quite a few ways to keep your house and your bank account cool.

My go-to tip is to check if you live in a state with a deregulated energy market like Connecticut. 26 states use this two-component system on their electric bills, and the first component is known as the delivery rate. This is considered the regulated portion of the bill that consumers have little control over, and is based on location. The second potion is the supplier rate which quantifies your cost per kilowatt hour of electricity. This is the rate you want to shop around for! Consult your electric bill to determine your current costs, and use a resource like Connecticut's energizect.com to evaluate which providers in your area have the best supplier rate.

Energy-saving hacks

Another way you can potentially utilize your state resources is by requesting a home energy audit. For a $50 inspection fee, Connecticut residents can have an inspector examine their home for possible pitfalls such as air leaks, insufficient insulation, and inefficient appliances. They also provide professional insight on how to fix these issues! You could save a ton on your utility bill by implementing these upgrades and making your home more energy efficient.

A really simple energy-efficient upgrade is installing a smart thermostat. They only cost around $150-$250 per unit, and are fully programmable. They learn your heating and cooling habits to use the most efficient amount of energy possible. Ultimately lowering your monthly bill. Additionally, if you leave the house for an extended period and forget to set your thermostat accordingly, it’s easy to adjust the temperature from afar, saving you from a costly spike in your electric bill. Some electric companies will even allow you to pair these devices with your service for additional savings. Listen to this episode for more energy-saving insights!

Resources Mentioned

• 5 Ways to Lower Your Electric Bill, #126
• Energize CT

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