One of the biggest costs for homeowners is not necessarily the cost of their mortgage payments but all of the additional expenses that come along with owning a home. In addition to your monthly mortgage payment homeowners also have to pay for property taxes, monthly utilities and home furnishings. If you are a homeowner then I am glad to tell you that Dinks Finance is here to help you save money on your monthly utility bills.
MSN Money recently published an article titled “Energy Updates that Save You the Most Money”. If you are looking for ways to save money this winter and make your home energy efficient then check out these great tips to save money and save energy.
Try these energy efficient upgrades to save you money at home:
Professional air sealing. The initial cost is $2000 but it can help you save approximately $250 per year.
Attic insulation. Insulating your attic can help keep hot air in and help you save approximately $175 per year. The initial cost is $1200.
A Programmable thermostat. Setting your programmable thermostat with a timer and pre-set temperatures can help you save approximately $175 per year. The initial cost to install a programmable thermostat is $1200; it will take 7 years to payback the initial cost.
A Dual flush toilet. The initial cost of a dual flush toilet is $250 and it can save approximately $23 per year on your water bill. It may not seem like a lot but these savings can add up to a lot of money over time.
Water-saving shower head. The initial cost is $50 and it can save you over $25 per year in water costs. A water-saving shower head drops the water pressure after a certain period of time; it’s kind of like an alarm clock for long showers.
Insulating windows. This is an expensive upgrade but many homeowners and potential home buyers are looking for insulated windows to keep the cold air in and hot air out or vice versa. The initial cost to install insulating windows is $15,000 and it can save over $300 per year on your energy and heating bills.
Modern hot water tank and high efficiency furnace. This is another upgrade that many potential home buyers look for when shopping for a new home. The initial cost is $500 and it can save approximately $50 per year. The real savings comes when your old water tank breaks and floods your basement. The cost to replace an old water heater and clean up the damage of a water leak can be much more expensive than $500. This upgrade is worth it.
Energy-saving washing machine. Many appliance manufactures offer energy saving washing machines and clothes dryers. The initial cost is $900 and it can save approximately $70 per year. Many laundry detergents also offer high efficiency cleaning in cold water for all colours which can also help save money on your energy bill.
Air sealing. This is an energy efficient upgrade that you can do yourself. There is always money saving in DIY projects. The cost to do-it-yourself is $100 and air sealing around windows can save approximately $100 per year. Voila an upgrade well worth it.
Photo by scottwaldron