With winter at full force, heating bills will begin to skyrocket. The typical family spends an average of $2,200 per year on utilities, according to the Energy Department. To cut costs and crush your saving goals, Iowa State Bank of Fairfield offers some simple ways to save on your energy bill.
- Wash Clothes On Cold
About 90% of the energy the washing machine uses goes towards heating the water. Not only will your clothes still get clean when washing them in cold water, but they’ll have less shrinkage and fade. If you wash 4 out of 5 loads of your laundry in cold water, you could cut out 864 pounds of CO2 emissions in a year. That’s equivalent to planting .37 acres of U.S. forest. This is because the cost of the hot/warm rinse setting for a load is $0.68 while cold/cold is only $0.04 – which also means less electrical output.
- Update the Showerhead
An energy efficient showerhead can reduce your water usage by 2,700 gallons per year – just look for one with the WaterSense label. This means the showerhead is certified to meet efficiency criteria set by the Environmental Protection Agency.
- Seal Up Your Home
Plastic to cover your windows and weather stripping around doors will cause fewer drafts and leaks, keeping your home from working too hard to stay warm. According to Lowe’s, an insulating window film can help retain up to 55 percent of your home’s heat in the winter, so it’s worth a shot to help you save!
- Change the Thermostat
When away from home or asleep under your warm covers, knock your thermostat back 10 degrees. That seems cold, but it’ll help you save as you don’t need the warmth during those times. Doing so for eight hours can lower your annual heating and cooling costs by around 10 percent. You can also invest in a programmable thermostat, which will do the work for you.
- Adjust Your Fridge and Freezer
Your food will still stay fresh with this tip! Set your fridge to 38 degrees and your freezer to 5 degrees to save BIG.
- Turn Down the Hot Water
Lower your water heater temperature to 120 degrees. This can help reduce heating costs by 10 percent!
- Switch to CFL Bulbs
Switching to compact fluorescent or LED bulbs that bear the Energy Star label, will help save you more than you think. CFLs use about 75 percent less energy and last up to 10 times longer than incandescent bulbs. This can save you up to $35 in electric costs over the lifetime of each bulb.
We hope you implement a few of these strategies to allow your money to stay in your pocket. If you’re looking for a safe home to keep your funds, our savings account options are the perfect place! Learn more about all the financial benefits our banking solutions have to offer you – then contact us for more information. Stay warm!
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