Save money on utilities

As the winter arrives, you may be bracing for higher expenses related to the holidays, from shopping for gifts to hosting parties. But the cold season also brings another reason to mind your budget: spikes in utility costs.

When temperatures drop and daylight dims, you’ll likely face higher costs in heating, lighting, and other home adjustments.

Find out what can affect your utility budget in the winter, and learn how you can keep these expenses down each year.

Several factors can increase your bills in the winter. One of the main drivers for higher utilities costs is the rising cost of energy. The costs for heating your home make up about one-third of a typical utility bill.

The prices for natural gas, heating oil, propane, electricity, and other energy costs change based on supply and demand. So if a winter is particularly harsh with cold temperatures, demand for heat increases—which then can cause energy prices to rise.

Appliances and electronics such as TVs, computers, game consoles and device chargers can continue using electricity even when turned off. Just having these plugged in when you’re not using them can cost a typical household up to $200 in average costs per year in US.

Unplug charging devices or rarely-used electronics when not in use. Energy-saving power strips can rescue your electricity bill from “vampire loads” by turning off the power supply.

Another major utility expense is from heating water, from both maintaining heat and heat lost from the tank into the room. Turning down your tank’s thermostat to 120 degrees from the typical manufacturer’s setting of 140 degrees could save an average household some $460 per year.

If you have an electric water heater that is warm to the touch or a heater older than 10 years, consider a water heater insulation jacket, which can help reduce heat loss. These simple warmers can save 7 per cent to 16 per cent in winter heating costs.

Energy to power appliances such as a refrigerator or dishwasher comprises an average of 12 per cent of a household’s utility bill. To reduce appliance energy consumption, consider turning down your fridge to about 35 to 40 degrees Fahrenheit and freezer to 0 to 5 degrees. Wash and dry full loads, not partial loads. And consider air-drying laundry—or at least not over-drying it.

The Balance