If you're looking to make energy-efficient improvements to your home this summer, you're likely aware of the high-level benefits, including saving money, improving your comfort and helping the environment. There are so many ways to win and the more you know, the more you can benefit.
By buying and properly installing up-to-date, energy-efficient technologies, you'll have the potential to save 20 – 30% on your energy bills. In fact, outdated systems and energy wasters like inefficient appliances, poor insulation and incandescent light bulbs cost U.S. consumers approximately $300 billion per year.
Check out the following ways to beat the heat and cut your bills by going green:
- Insulation and weatherization. Air leaks are one of the biggest sources of energy loss in a home. You can quickly combat these leaks by blocking them with weather stripping, caulking and insulation. Not only is this one of the most cost–effective way to make your home more energy efficient and save 10 - 20% on your monthly cooling bills, it also goes a long way in making it more comfortable.
- Programmable thermostats. Consider installing a smart, programmable thermostat and turning the temperature up by 7 – 10 degrees for 8 hours a day during the warmer months. This can easily save you 10% on your bills and the same practice can be applied in the colder months, turning the temperature down by 7 – 10 degrees.
- Energy-efficient appliances. Today's energy-efficient appliances can save you big – using less energy with greater capacity. An energy-efficient washer, for example, uses 40 – 50% less energy and about 55% less water than standard washers.
- Trees. Landscaping your home for shade is the most cost-effective way to reduce heat gain from the sun in your home. When planted correctly, your new greens can save you 15 – 50% on air conditioning costs. You get two thumbs up for helping the environment with this way to save.
If you decide to make green updates, you may be able to apply for tax credits for installing energy-efficient technologies and appliances in your home. Both government and private sources offer grants and subsidies for specific renovations. Each home is unique, and your eligibility may vary, so be sure to consult to a trusted advisor whether it's your family, friends, real estate agent, or lender.
For more information on buying and owning, visit MyHome by Freddie Mac®.
