Replace your home’s five most frequently used light fixtures or bulbs with ENERGY STAR models to save $75 per year.
Fix leaky faucets to save $35 and 1,661 gallons of water.
Inflation is a worldwide concern as prices continue to surge in many major economies. Policymakers are grappling with how to rein it in without causing economic harm.
The Global Inflation Landscape
From Melbourne to Manchester to Miami, people are struggling under the weight of hefty price increases for the things we buy each day.
- Inflation rates are soaring in several advanced economies, marking some of the highest levels seen in decades.
- The root cause: disruptions set in motion by the COVID-19 pandemic have led to supply chain issues, increased demand, and rising costs.
To try to get inflation under control, central bankers have rapidly lifted interest rates, trying to slow their economies in hopes of cooling prices. The goal is to prevent inflation from becoming entrenched and causing further harm to households and businesses.
If they fail to bring inflation under control, it could result in a destabilizing period of spiraling prices. However, if they react too aggressively, it could crimp global economic growth to a painful degree.
Inflation’s Impact on Everyday Life
Inflation erodes the purchasing power of money over time, meaning the same amount of money buys less.
- Inflation affects individuals and families by reducing their ability to afford essential items such as food, housing, and gas.
- Those with limited financial resources are hit the hardest as they allocate a larger portion of their income to basic necessities.
Energy Improvements That Will Save Money On Your Next Energy Bill
The main goal of today’s guide is to give you actionable tips so you can take action and save energy—and money—at home!
To get you started, we’ve put together a list of specific actions you can take to save energy and water in your home, along with the potential annual savings for all of them. Be sure to check out the ideas below the table as well to really maximize your savings.
|RECOMMENDED ACTION||POTENTIAL SAVINGS (AS A PERCENTAGE OF UTILITY BILLS)||AVERAGE ANNUAL SAVINGS IN $ (BASED ON EIA AVERAGE END-USE EXPENDITURES*; ACTUAL SAVINGS WILL VARY)|
|Install exterior low-e storm windows||12%-33% annually on heating and cooling bills||$100-$274|
|Seal uncontrolled air leaks||$83-$166|
|Plant shade trees||15%-50% of annual air conditioning costs||$35-$119|
|Use a power strip for electronic equipment and turn it off when not in use||Up to 12% of electric bill per year||$100|
|Replace an older toilet that uses 6 gallons per flush with a WaterSense model||10%-20% on annual heating and cooling bills||$100|
|Turn back your thermostat 7°-10°F for 8 hours a day||Up to 10% annually on heating and cooling bills||$83|
|Weatherstrip double-hung windows||5%-10% annually on heating and cooling bills||$42-$83|
|Replace your home’s five most frequently used light fixtures or bulbs with models that have earned the ENERGY STAR||9% on electricity bill annually||$75|
|Lower water heating temperature||Save 4%-22% annually on your water heating bill||$12-$60|
|Insulate water heater tank||Save 7%-16% annually on water heating bill||$20-$45|
|Fix leaky faucets; one drip per second wastes 1,661 gallons of water||$35|
|Use sleep mode and power-management features on your computer||Up to 4% of annual electric bill||$30|
|Insulate hot water pipes||Save 3%-4% annually on water heating bill||$8-$12|
|**TOTAL POTENTIAL SAVINGS||$723-$1,182|
*Average annual energy expenditures per household in the U.S. are as follows: space heating: $593; water heating: $280; air conditioning: $237; refrigerators: $153; other (lighting and electricity): $827
**All actual savings will vary depending on home, climate, products, and use.
The above list is just a sampling of the potential savings you could see by making smart energy choices in your home. Not all of these improvements will be possible for everyone, and savings will vary.
If you want to understand how to get the biggest bang for your buck, we recommend a professional home energy audit, which can help you pinpoint areas where your home is losing energy and which improvements will save you the most money.
Making upgrades recommended in a home energy audit—and many of the items above would likely be included in your recommendations—could save you 5%-30% on your annual utility bills (an average of $105-$627, depending on home, climate, products and use).
Furthermore, actions like proper heating and cooling equipment maintenance; turning off lights; reducing electricity use throughout your home; reducing hot water use; ensuring your home is adequately insulated; and smart use of home design elements, such as landscaping and window coverings will save you even more.
Wondering how much you could save each year with a more efficient appliance? Check out the ENERGY STAR website, which showcases products that exceed the federal minimum standards for efficiency. You can also take a look at our appliance energy use calculator to compare your current product with a more efficient one.
Also be sure to check if you are eligible for federal tax credits for energy efficiency or renewable energy.
Energy.gov – “How much can you really save with energy efficient improvements?”