Taking a Bite Out of Rising Electricity Costs

Americans are being eaten alive by inflation. It’s not only food and gasoline prices that seem to jump every month; consumers have also been experiencing substantial price increases in electricity.

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    Taking a Bite Out of Rising Electricity Costs

    Taking a Bite Out of Rising Electricity Costs

    Americans are being eaten alive by inflation. It’s not only food and gasoline prices that seem to jump every month; consumers have also been experiencing substantial price increases in electricity. The U.S. Energy Information Administration expects to see electricity costs rise this year by 25% in the Southwest, 96% in New England and by 124% in New York, with further increases on the way.1

    12 Simple Ways to Cut Electricity Costs

    There are a number of ways to lower your electricity bill. Most of them require that you take action and remain committed in order to realize real savings.

    1. Adjust household temperatures. Lower the thermostat before leaving for work and at night (add a blanket to stay warm); raise the temperature in your refrigerator.
    2. Alter how you wash your dishes. Run your dishwasher instead of doing the dishes by hand—since it uses less water to clean a load, saving in heating costs—and only run when you have a full load.  Additionally, turn off the “heat dry” option on your dishwasher; instead, open the door and let them air dry.
    3. Look to where you can delay using electricity to take advantage of lower nighttime rates. For instance, running the dishwasher and washer/dryer, or charging your electric vehicle.
    4. Wash clothes in cold water.
    5. Clean your windows, which will help the sun come in and warm the house naturally (in the summer, pull down the shades).
    6. Check for air leakage around windows and doors—plug them up. Cover electrical outlets.
    7. Keep your shower to five minutes.
    8. Replace the air filter in your HVAC system to improve efficiency. Check for holes, clogs and leaks in the air ducts, which may result in wasted energy.
    9. Buy smart power strips, which automatically cut off electricity to devices that are not in use. Such wasteful, phantom use can be up to 5-10% of your monthly electric bill.
    10. Switch to LED lighting.
    11. Turn off your outdoor lighting unless you’re expecting guests or are concerned about untoward behavior.
    12. Put ceiling fans on low to move warm air from the ceiling to floor level (in the summer, put them on high to cut the need for air conditioning).

    Each step on its own may offer only small savings, but collectively they can really add up. So, to stay motivated, be sure to track your electric bills over the next six months to gauge how much you’re saving and committing those savings to retiring debt or building your emergency fund.  View more on this and other tips for combating inflation.

    Sources:

    1. https://www.utilitydive.com/news/retail-electricity-prices-continue-rapid-rise-utility-debt-growing/631496/

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