First Federal Bank Blog

When it comes to saving money, improving your home’s energy efficiency can be a great way to rack up savings with minimal effort and plenty of benefits. Many energy-saving tips also cut your carbon footprint while also improving the comfort and value of your home. Here’s a look at a few strategies to help you save:
 
Heat pumps
 
When you’re dealing with extreme temperatures, climate control can eat up a lot of energy — leaving you with a costly bill. A heat pump can be an efficient solution to your heating and cooling needs. Rather than warming up or cooling down your home directly, like a conventional heater or air conditioner, these devices have a mechanism that channels heat to or from a geothermal source or a water reservoir. Some models can even keep humidity in check. While the science is a bit complicated, the savings are clear — the Department of Energy estimates the average household can save $500 per year in energy by installing a heat pump. On top of that, you may qualify for up to a 30% federal tax credit on the cost of purchasing and installing a heat pump in your home.
 
Unplug electronics you aren’t using
 
From TVs and game consoles to phone chargers and lamps, it’s easy to plug in appliances and forget about them. However, The Balance contributor Lora Shinn warns these electronics can continuously sap energy, even when they’re not in use. According to Shinn, you could save up to $200 per year simply by unplugging these devices. However, unplugging your electronics can be a difficult habit to form. To make things easier, consider plugging certain items, like chargers, into a plug strip, which you can easily switch off when not in use.
 
Water heater management
 
Your home’s water heater is an often-forgotten source of energy usage. If your water heater is warm to the touch, Shinn suggests wrapping it in a water heater insulation jacket to mitigate heat loss and save on the energy needed to maintain hot water. Furthermore, Shinn explains the average household can save around $460 per year by simply turning the water heater temperature from the standard setting of 140 degrees to 120 degrees. Just don’t turn it down too low — lukewarm water sitting in a heater tank can cause bacterial growth.
 
Bright ideas for saving on lighting

LED lights are an easy way to cut your energy costs. By making the switch, the Department of Energy states the average household saves about $225 per year, all without compromising on the color, clarity, or brightness of lighting. But the savings don’t stop there — LEDs also last up to 25 times longer than their incandescent counterparts, so you’ll spend less money buying bulbs and less time swapping them every month or two.
 
Insulation
 
Keep your home comfortable and save on energy costs by insulating your house. The Department of Energy reports proper insulation in the walls, windows, and doors can help homeowners save an average of 11% on total energy costs. On top of that, insulation helps manage humidity, reduces noise, and can even keep allergens out of the air in your home.
 
Need more tips on saving energy in your home? Consult the EPA or Department of Energy website for detailed solutions and tips on claiming tax credits.