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7 ways to save money on energy costs in 2022

7 ways to save money on energy costs in 2022
Jordan
Major
9 months ago
3 mins read

Energy prices are expected to climb in 2022, and as a result, everyone from homeowners to renters and landlords is seeking methods to reduce their rising energy costs.

Wholesale electricity prices across the United States were higher in 2021 than in 2020, reflecting the increasing cost of natural gas for power production. Likewise, Europe is seeing persistent instability in its wholesale gas markets, raising fears throughout the continent that the region’s energy crisis may be about to get even worse.

Indeed, the U.S retail electricity price for the residential sector is expected to grow according to a report by the U.S Energy Information Administration on January 6, which revealed:

“We forecast the U.S. retail electricity price for the residential sector will average 14.2 cents/kWh in 2022, which is 3.8% higher than the average retail price in 2021.”

U.S retail electricity price. Source. The U.S. Energy Information Administration

Heating and cooling homes increased by 33% in 2021

Petri Plumbing & Heating, Inc. is a family-owned home service business that has served Brooklyn and Manhattan for over a century, which is encouraging “homeowners, renters and business owners to explore energy-saving options.” According to the owner of Petri Plumbing & Heating, Michael Petri, “the cost of heating and cooling your home increased 33% in 2021.”

As a result, we have listed below a detailed breakdown of seven tips highlighted by the firm to help offset those increases

  1. Turn down the thermostat: The optimal home temperature is normally between 68 and 78 degrees Fahrenheit, depending on the season. It is advised that you set your thermostat to 68 degrees in the winter and 78 degrees in the summer. During the winter, the lower the interior temperature, the slower the heat loss.
  1. Weatherproof the house: Homeowners may save money on energy expenses by ensuring appropriate insulation, installing storm windows, attaching door draft stoppers and weatherstripping, and repairing any leaks or gaps around doors and windows.
  1. Buy a smart thermostat: Smart thermostats employ artificial intelligence (AI) to “learn” the most efficient methods to heat and cool a house, and they enable users to regulate their energy consumption from their smartphones. Throughout the year, these gadgets save hundreds of dollars in energy bills.
  1. Reduce the water heater temperature: Since more energy is required to heat water, setting the water heater to 120 degrees Fahrenheit will provide warm enough water to take a hot shower while also preventing germs from growing in the water heater itself. 
  1. Keep maintenance schedules: Inspections of your home’s plumbing, water heater, and furnace should be performed on an annual basis to discover any problems that might result in increased energy costs. Every year, homeowners should schedule maintenance with a local heating and plumbing firm to ensure that their systems are operating at peak performance. Many home services companies provide membership programs that include savings on regular maintenance as well as other perks.
  1. Window and furnace replacements are recommended: Newer windows now contain glass that lessens the influence sunlight has on a house’s temperature, and newer furnaces are designed to heat a home with less energy than older furnaces. Although the initial cost may be high, it will save thousands of dollars in energy expenses in the long term.
  1. Only run the dishwasher and washing machine when full: Due to the fact that these appliances use both power and water, they have the potential to raise prices. Waiting until they are completely loaded is an excellent technique to guarantee that they are not used too often.

Read also:
10 Tips to Cut Your Grocery Bill in Half
11 Legitimate Ways to Earn an Extra $100 This Month

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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