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This summer has been a scorcher in the U.S., with record-breaking heat. And it looks like the worst is still ahead of us. This is causing many of us to blast our air conditioners which also means higher electricity prices, especially during peak hours, when the demand for power is the greatest.
Some electricity companies use this pricing strategy to motivate consumers to use less electricity at these times, which helps keep the grid stable and avoids extra power generation. With all that in mind, here's how you can save money on your next electric bill by following these cost-saving tech tips.
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How to save money on your electric bill
1. Use less energy
This is the obvious and best way to save money on your electric bill. Using less energy can lower your utility bill by as much as 25%. Electricity for lights, powering electronics, and other things accounts for about 12% of a home’s energy usage. You can use less energy by turning off lights and unplugging electronics when not in use, using appliances during off-peak times, sealing doors and windows, using a power strip, and doing an energy audit.
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2. Find out your electric company's peak hours
You can check your electric company's peak hours or time of use to see which hours are charged the highest for electricity. (CyberGuy.com)
Not all electric companies nationwide use this pricing method; it's especially prevalent in larger cities and populated areas. However, it's worth a check to see if your electric company does in fact, note peak hours or time-of-use (TOU) rates, which charge more for electricity during high-demand periods and less during low-demand periods. Peak hours may also vary by season and region, depending on factors like weather, daylight, and consumer behavior.
The best way to find out your electric company’s peak hours is to contact them directly or visit their website. You can also do an internet search of [your electric company’s name] + peak hours.
MORE: BEST SMART THERMOSTATS TO KEEP YOU THE PERFECT TEMPERATURE
3. Program your thermostat
If you do have peak hours in your region, the best way to save money immediately is to limit the use of your thermostat to other hours. Different providers may have different peak-hour schedules, and they may vary by season or by day of the week. For example, some providers have peak hours from 2:00 pm to 7:00 pm on weekdays, and some have peak hours from 7:00 am to noon on weekdays. A good strategy would be to pre-cool your home before the peak hours begin and then set the thermostat to a higher temperature during the peak hours.
For example, you can set the thermostat to three degrees below your preferred temperature three hours before the peak hours begin and then set it to three degrees above your preferred temperature when the peak hours begin. When the peak hours end, you can set it back to your preferred setting. One great way to do this is to use a smart or WiFi-enabled thermostat.
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A smart thermostat may be a option so that you can control your comfort and cost. (CyberGuy.com)
Use a Smart or WiFi-enabled thermostat
Benefits of a Smart Thermostat
- Take the guesswork around controlling temperature to maximize comfort, environmental efficiency, and cost
- Cost savings can be 10-23% off utility bills; some utility companies have rebates when you buy smart thermostats
- Adaptability – not only does it do the work for you, but it learns as it goes, so it is continuously optimizing the cooling and heating of your home
- So smart that it knows to apply temperature settings when you’re not home without you having to change the programming – it will know you are not home or asleep
- Works fluidly with smart home network systems such as Google Assistant or Amazon’s Alexa
- It can be set up to send you alerts for maintenance on HVAC systems, which can save you from breakdowns or additional costs in the future
Cons of a Smart Thermostat
- More expensive than a normal digital thermostat, which can be as low as $25 (comparatively, Smart Thermostats start at around $100)
- Not all Smart Thermostats are compatible with your current HVAC system
- May require additional help with installation from a professional
Benefits of a WiFi thermostat (that isn’t ‘Smart’)
- Alerts you when your home changes in temperature range so you can decide whether or not to raise or lower the thermostat
- Unless you’re able to set up reminders or alerts, if you forget to turn off the system or have temperature parameters set, it will continue to run until you turn it off (manually or remotely)
- Set the thermostat to raise or drop the temperature when it hits a certain degree
- Saves you money by adjusting temperature vs. keeping the system running all day or night
- Usually able to control settings remotely through your smart home integrated system or mobile app for the thermostat
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Cons of a WiFi thermostat
- More expensive than a normal digital thermostat, which can be as low as $25 (comparatively, WiFi Thermostats start at around $50-60)
- Needs you to make decisions to make changes in temperatures, and it can’t sense the changes in your home (whether people are home or not, etc.) to make adjustments
MORE: TIPS TO LOWER YOUR UTILITY BILLS AND THE DEVICES TO HELP YOU DO THAT
A great option for reducing electricity costs is by investing in smart plugs. Smart plugs can control the amount of energy a devices uses. (CyberGuy.com)
4. Invest in smart plugs
One thing you may not know is that many of your electronic devices still take up energy when plugged in, even when switched off. Smart plugs can save you in that department by allowing you to control the amount of energy a particular device takes up through WiFi controls and even turning certain outlets off entirely. Our most recommended smart plugs are the following:
To see my list of top recommendations, head to Cyberguy.com/SmartPlugs
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5. Upgrade your appliances
While it is expensive to replace appliances, energy-efficient appliances will save you money on your electric bill in the long run. There are now rebates available that can cut the cost of these upgrades by 30%. You can look for appliances that have the Energy Star label, which means they meet strict energy efficiency standards set by the government. Some of the appliances that can benefit from an upgrade are your HVAC system, your water heater, your fridge and freezer, your washer and dryer, and your dishwasher.
6. Switch to LED or Smart light bulbs
LED bulbs use up to 80% less energy than incandescent bulbs and last up to 25 times longer. They also produce less heat, which can help keep your home cooler in the summer. You can save about $75 per year by replacing the most used bulbs in your home with LEDs.
Also, consider using smart light bulbs, which are LED light bulbs that connect to the internet through WiFi or a hub. Connected to the internet from your WiFi or a hub, you can control when, how long, how often, and how brightly (and even what color) your bulb often shines from the comfort of your cellphone, tablet, smartwatch, or voice assistants. Smart light bulbs use at least 75 percent less energy and last 25 times longer than incandescent bulbs.
Be sure to check out my Top Smart Bulb picks at Cyberguy.com/SmartBulbs
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7. Consider solar panels
Solar panels can generate clean and renewable energy for your home, reducing or eliminating your dependence on the grid. Depending on where you live, how much sun you get, and how much electricity you use, solar panels can save you hundreds or thousands of dollars per year on your electric bill. You can also take advantage of tax credits, incentives, and financing options to make solar more affordable.
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Bonus: unexpected ways to lower your Energy bills
Be sure to check out some unexpected ways to lower your energy bills that I've discovered. You'll learn about new and traditional products that can help create a cooling strategy that gives you more control and helps you save money at the same time.
To see my list of recommendations, head to Cyberguy.com/LowerEnergyBills
Pro Tip: best gear to keep you cool during a hot summer
Beat the heat this summer with some great fans, coolers, and sleeping solutions to help you stay chill this summer.
You can check out my picks for staying cool at Cyberguy.com/KeepCool
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Kurt's key takeaways
You can totally save some cash on your electric bill with a few of my tips. First off, try using less energy by being mindful of things like turning off lights and unplugging electronics when you're not using them. It's also a good idea to use your appliances during off-peak hours and make sure your doors and windows are sealed up tight.
Check if your electric company has peak hours or special rates and adjust your thermostat accordingly to save energy during those times. If you're up for it, getting a smart or WiFi-enabled thermostat can make temperature control a breeze and help you cut costs. Smart plugs are another nifty option for remotely turning off devices during those peak hours.
Upgrading to energy-efficient appliances and swapping out your old bulbs for LED ones can make a noticeable difference too. And if you really want to go all out, consider installing solar panels to generate clean and affordable renewable energy.
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What are some other ways you've found to reduce your electricity consumption and save money? Let us know by writing us at Cyberguy.com/Contact
For more of my money-saving tech tips, subscribe to my free CyberGuy Report Newsletter by heading to Cyberguy.com/Newsletter
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