It’s tempting to want to retire your old appliances and buy new energy-efficient ones, but you may be hesitant about investing your hard-earned cash. This is especially true when you are considering home improvements, such as energy-efficient windows, or skylights. After learning about the savings you can reap each year by purchasing these appliances or investing in home improvements, you probably won’t hesitate any longer. Whether you recoup your money in two years or ten, you’ll love the utility savings each month and be thankful you’re helping to save our natural resources.
The first step in buying a new energy-efficient appliance is to determine how much the appliance you have is costing you in energy each year. To do this, use the free online energy calculator. Once you calculate how much the appliance is costing you to run each year, take this information with you when you are shopping.
Find the appliance you are interested in, and then carefully read the EnergyGuide label. This label provides all the information you need to determine the amount of energy that the appliance will cost you to run each year. The label gives you the amount that it typically cost based on average use. To determine what the appliance would cost in your home, simply multiply the kilowatts used by the rate that your local utility company charges you on your utility to determine what your actual operating cost will be per year.
Subtract the cost of using the energy-efficient appliance from the amount that your old appliance is costing you to figure out how much money you will save each year by purchasing the new appliance. Divide the amount of the savings you will reap each year by the cost of the new appliance. The result will show you how long it will take for the new appliance to pay for itself.
Average Time for Appliances to Pay for Themselves
A quality coffee maker can save you the money spent each day on expensive take-out coffee. You will recoup the cost of the appliance in just a couple of months.
Antiquated refrigerators guzzle electricity, therefore you can easily save the cost of a new energy-efficient refrigerator within 5 years.
A new washer and dryer can save you the cost of the appliances within 2 years if you regularly go to a laundromat to do the laundry.
Home improvements, such as a new roof, new windows, skylights and doors can be pricey, but they can improve the comfort of your home, provide aesthetic appeal and help you sell the property for a higher price in the years to come. Home improvements always add to the value and appeal of your home and may make the difference in a quick sale or a house that is on the market for months.
Talk with the salesman to determine how much the energy-efficient improvements can save you annually. He or she should be able to show you research and statistics that show the average savings on utilities you can expect each year. You can also look on the government website to see which products and home improvements are rated best and how much the average cost is per year in your region.
Average Time for Home Improvements to Pay for Themselves
A smart thermostat could pay for itself within a year or less by saving you money on utilities. Weatherstripping can pay for itself easily in less than two years. Insulated windows can easily recoup your money in just one winter.
Although it may be difficult to retire that old refrigerator or appliance that keeps on humming along each year, once you realize how much money, and more importantly, energy you are likely to save each year, the decision will be a no-brainer!
Last modified: April 6, 2018