Every American homeowner would love to make their home’s energy use smarter, greener, more efficient, and mostly importantly, cheaper. The sometimes Rubik’s Cube-like problem: Not nearly enough Americans know how far simple home energy source changes can go in saving their home and wallets unnecessary energy costs. And you don’t have to go all Jack Benny or Penny Pincher to roll in the savings.
In 2017, more efficient home energy solutions are hitting the market every month. Here are some popular energy options that can have your savings account singing “Hallelujah!”
Fluorescent light bulbs: Energy efficient lighting decreases the amount of electricity your home needs and fluorescent is savings gold. According to HomeAdvisor.com, Energy Star fluorescent light bulbs use 75 percent less energy and radiate 75 percent more heat. Plus, they last up to 10 times longer than regular bulbs and come in many different sizes and shapes to fit any light fixture. Plus, most are recyclable.
The LED Fix: More expensive than traditional lights, but an energy super saver, LED lights use 75 percent less energy and last up to 25 times longer than regular bulbs and four times longer than fluorescent bulbs. LEDs come in a variety of colors.
Energy Star Appliances: Superheroes in the fight against excessive energy bills, appliances with high energy ratings offer the best efficiency in power and water usages. Look for the Energy Star symbol to ensure you’re purchasing the most efficient appliance.
Solar Panels: An expensive investment at the outset, solar panels can be a savings sponge in the long run. The federal government often provides tax credits and some states have their own solar panel incentive programs. Homeowners see an up to 50 percent decrease in their electricity consumption immediately.
Plus, the savings you make to improve your home’s energy efficiency don’t just stop with your monthly energy bills. Smart home energy savings expenditures can also pay off in tax credits.
“If you make expenditures that improve the home energy efficiency of your home, you may qualify for a tax credit,” Neil Krishnaswamy, a certified financial planner at Exencial Wealth Advisors in Frisco, Texas, told USA Today.
For example, for a homeowner with a 28 percent tax rate, a credit lowers your annual bill just $280, but pays off by lowering your tax bill by an average of $1,000, regardless of your tax rate. In Iowa, homeowners can learn what home energy rebates and savings are available at midamericanenergy.com.
This straight dollar for dollar savings make home energy credits very valuable.
And with some smart home energy investments, anyone can be a home energy savings ninja.