Home and appliance upgrades can lighten your wallet. However, in the long run, you can actually pad your wallet with money you save by investing in certain upgrades.
Not all home upgrades are created equal in terms of saving money. Explore some of the smartest home upgrades you can invest your money in to save some green.
Smart Thermostat
Programmable thermostats electronically control the temperature and heating system in your house. Smart thermostats make it easy to stay energy efficient and properly control the temperature in your home.
These thermostats make your home more energy efficient and will significantly reduce the energy you use on heating and cooling your home.
While some of these thermostats can start as high as $500, you’ll easily make this and more back in the long term. Smart thermostats can save you almost $150 per year. In Canada, studies show up to almost $100 savings per year.
Upgraded Dishwasher
Older models of dishwashers are extremely inefficient. They can use up to 10 gallons of water per cycle, which may make your utility bills skyrocket. Newer models of dishwashers can run cycles with half that amount of water to save you money on your utilities.
Compared to non-certified dishwashers, Energy Star certified dishwashers save 30% more water and are 12% more energy efficient. A new dishwasher can be pricey, but the energy (and money) you’ll save with a new model will pay off.
Ceiling Fans
With summer approaching, most people are getting ready to shut the windows, crank up the air conditioner, and bliss out while eating popsicles.
However, blasting your air conditioner all summer is a surefire way to have ridiculously high bills and use up a ton of energy. Supplementing air conditioner use with ceiling and house fans will reduce the amount of energy you use when using an air conditioner by itself.
Fans work to reduce the temperature in your home using less energy than an AC system. Certain days and nights may be bearable with fans alone, allowing you to turn off your AC.
Buying and installing ceiling fans can cost anywhere from $300-$400 dollars. But, they will likely reduce your energy bills and save you money each year, quickly making up for your initial investment.
Solar Panels
Solar energy is only becoming more popular with over 1.3 million solar installations in the U.S in 2016, a number which doubled since 2015. In Canada, solar isn’t as popular as other renewable fuel options but, the number of panels are growing significantly, specifically in Ontario.
Solar panel installation will save you on energy bills by converting the sun’s rays into usable energy.
Not only will your energy bills be reduced with the addition of solar panels to your home, but you can also get some tax credits and rebates if you’re a U.S resident. These credits can amount to thousands of dollars that will go right in your pocket.
Overall, the lifetime savings you’ll get from solar panels can range from $10,000 to approximately $45,000 depending on where you’re living. That doesn’t include the fact that solar panels can add an estimated $15,000 to the value of your home in both the U.S and Canada.
This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of Realty Executives International. This post was written for Realty Executives by Elliot Walsh. Elliot is a dual-degree graduate from the University of Rochester with a B.S in Cell Biology and a B.A in English Literature. He is a full-time freelance writer from Boston, specializing in veganism, humor, and health. His articles have appeared in The Rival Rochester and his work experience can be found here: www.linkedin.com/in/ewalsh17.
