Saving money on your electric bill can seem daunting, but there are simple and practical steps to reduce your monthly electricity costs. Energy efficiency and smart energy use are the two most essential components of a successful effort to save on your electric bill. Additionally, investing in renewable energy sources and taking advantage of utility companies and government rebates and incentives can help you save even more. 

Ahead, seven tips on how to save money on your electric bill and lower your monthly expenses.

7 ways to save money on your electric bill

Use a smart thermostat

A smart thermostat is a programmable thermostat that you can control remotely using a mobile app or online platform. You can adjust your home's temperature even if you're not there. Using a smart thermostat can help save up to $180 per year on your electric bill by allowing you to control and manage your heating and cooling usage more effectively. 

With a smart thermostat, you can set the thermostat to automatically turn off when you leave for work in the morning and turn it back on just before you return, reducing the energy needed to heat or cool your home when you're not there. A smart thermostat can also learn your energy usage habits and automatically adjust the temperature to optimize energy efficiency and reduce energy waste. 

Replace old appliances

Replacing old appliances with energy-efficient models can also help you save money on your electric bill. Older appliances, such as refrigerators and washing machines, consume more energy than newer, energy-efficient models.

By upgrading to energy-efficient appliances, such as those with Energy Star certification, you can significantly reduce your energy usage and lower your monthly electricity bill—up to $350 per year on your energy bills. 

Consider purchasing appliances with smart technology that can be controlled using a smartphone or voice commands. These appliances allow you to monitor and control your energy usage from anywhere, helping you save money and reduce your carbon footprint.

Here are a few ways to get new energy-efficient appliances for inexpensive:

• Shop during sales and promotions
• Look for rebates and incentives from your local utility company
• Consider refurbished or pre-owned appliances
• Shop during off-peak months (usually higher demand in summer and winter months, so try spring or fall months)

Rebates and incentives

Many rebates and incentives are available to encourage consumers to adopt energy-efficient practices and technologies, such as upgrading to energy-efficient appliances, installing solar panels, or upgrading insulation.

Utility companies often offer rebates to customers who purchase energy-efficient appliances, such as refrigerators, washing machines, and air conditioners. These rebates can significantly reduce the cost of buying these appliances and help you save money on your electricity bill in the long run.

Many states and local governments offer tax credits or incentives for installing renewable energy systems, which can reduce costs and help you save money on your electricity bill in the long run.

Additionally, many organizations, such as Energy Star and the Environmental Protection Agency (EPA), offer programs and resources to help consumers adopt energy-efficient practices. These programs provide information and resources to help you save money on your electricity bill and reduce your carbon footprint.

‍

‍

Insulate your home

By properly insulating your home, you can reduce energy usage and heating and cooling costs by up to 20%. Consider adding insulation to your walls, attic, and floor and sealing any air leaks around windows, doors, and electrical outlets.

The cheapest way to insulate your home is to do it yourself, including caulking and weather stripping around windows and doors, adding insulation to the attic, and sealing any air leaks in the walls. You can also use readily available materials, such as fiberglass batts or blown-in cellulose, which are relatively cheap and easy to install.

Investing in energy-efficient windows and doors can also help improve insulation and reduce energy usage. These windows and doors are designed to minimize heat transfer and improve energy efficiency.

Use an advanced power strip

Many appliances and electronics consume energy even when turned off, leading to higher electricity bills and increased carbon emissions. By unplugging electronics, such as TVs, computers, and chargers, when not in use, you can save up to $100 per year on your electricity bill.

An advanced power strip can also help you save money on your electric bill. A power strip can eliminate this standby power consumption and reduce energy usage. Power strips allow you to turn off multiple appliances and electronics with the flip of a switch, reducing energy usage.

Use this infographic from NREL to find the right smart power strip for your home.

Reduce air conditioning

Another significant way to save money on your electric bill is by reducing the use of air conditioning. Air conditioning is one of the most significant contributors to high electricity bills, accounting for about 6% of a typical home's electricity bill.

By making simple changes to your behavior and home, you can reduce your air conditioning usage and save money on your electricity bill. For example, closing blinds and curtains during the hottest parts of the day can facilitate heat transfer and keep your home cooler.

Using fans to circulate air and avoid over-cooling your home can also help reduce your air conditioning usage. Turning off lights and appliances when not in use can also reduce heat buildup and minimize the need for air conditioning.

Investing in energy-efficient air conditioning systems, such as those with high Seasonal Energy Efficiency Ratings (SEER), can also help reduce your energy usage and lower your electricity bill. Regular maintenance and cleaning of air conditioning systems can also reduce energy usage and extend the system's life.

Implement solar energy

Using solar energy can save you up to $1,000 per year on your electricity bill. In some areas, net metering programs allow you to sell any excess electricity generated by your solar panels back to the utility company, further reducing your monthly bills.

Solar energy systems can also increase the value of your home, as many homebuyers are attracted to homes with energy-efficient features. Installing solar panels can also help reduce your carbon footprint and promote sustainability, which is becoming increasingly important to many consumers.

The least expensive way to implement solar energy for your home is to start with a small solar panel system and gradually add more panels over time as your budget allows. This approach is known as a "scaled" or "staggered" installation and can help reduce upfront costs.

Another cost-effective option may be to join a community solar program, where a group of people share the cost of installing a large solar panel system and receive a portion of the energy produced.

Some states also offer tax credits for solar installations, which can reduce the overall cost. 

A note from Givers

By focusing on energy efficiency, intelligent energy use, investing in renewable energy sources, and taking advantage of rebates and incentives, family caregivers save hundreds of dollars per year on your energy costs. Implement these tips and watch your electric bill shrink while you enjoy a more energy-efficient and sustainable home.