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(From the Financial Literacy Blog) – At the beginning of 2022, Maine citizens saw a sizable increase in the cost of electricity. In 2023, Mainers who will be getting their electricity from one of the state’s two major distributors will see yet another increase in their monthly electric bills. Customers of Central Maine Power will see a 49% rate increase and customers of Versant Power will see a 34% increase. Along with electricity rates, it seems as though the prices of goods and services have been increasing across the board, meaning individuals may need to reassess their budgets to account for numerous cost of living increases. To help offset the price hikes, here are five tips that can help people reduce their energy usage:
Change Your Light Bulbs
According to the U.S. Department of Energy, LED lightbulbs use at least 75% less energy and last up to 25 times longer than incandescent lighting, or traditional lightbulbs. Many LEDs can last an average of 25,000 hours before they need to be replaced, while incandescent bulbs only last 750 hours. In terms of energy usage, it would cost approximately $240 to light an incandescent bulb for 25,000 hours, but only $40 for an LED.
Unplug it if You’re Not Using it
Some electronic gadgets never truly power off. Instead, they sit in a standby mode that uses small amounts of power at all times. This includes gadgets with digital displays, clocks, timers, or lights such as microwaves, televisions, or coffee makers. People should consider unplugging them when not in use to save power.
Only Run Appliances When They’re Full
Whether it’s a washing machine, dryer, or dishwasher, only running the appliance when it’s full will help people save on their electric bill. The more an appliance is used, the more energy is being used––ultimately increasing one’s power bill. To save even more energy during appliance use, people can set their washing machine to wash with cold water instead of hot. Heating up that water draws a lot of energy. People could even opt into not running their dryer and air dry their clothing on a line instead.
Weatherize Your Home or Apartment
It’s no secret that energy costs can become very expensive when the temperatures drop. Investing in home improvements now can save people a lot of money in the long run. Around 25% of the warm air in one’s house or apartment is lost due to leaks and holes. If someone were to spend $1,000 on heating, that’s like having $250 escape out of the drafty areas of their home. People should consider caulking around windows, door frames, and electrical outlets–wherever a draft may be. While caulk may cost upwards of $10 now, it can save people much more than that over time. Also, according to the U.S. Department of Energy, people can save 10% on their heating bills by turning down their thermostat 10 degrees while they sleep. Because people are curled up in bed with their blankets, their body heat may keep them warm enough to justify turning the heat down. Another option is for people to turn down the heat in rooms they don’t use as often, such as guest rooms and storage areas.
Reverse Your Ceiling Fan
While a lot of people think ceiling fans are only used as a way to cool rooms down, they can also be utilized for heat. Most fans are set to spin in a counterclockwise rotation, which forces the room air down quickly and gives a cooling effect. However, people can reverse the direction of their ceiling fan. Because heat rises, the air around the ceiling is typically warmer than the air closer to the floor. While in reverse mode, letting the fan run on low will gently draw the room air up towards the ceiling, which slowly forces the warm air down. The minimal cost to run a ceiling fan is much lower than the cost of generating extra heat to warm a home or apartment.
If you have questions about the costs of electricity or are looking for assistance, visit the Maine Public Utilities Commission’s website. If you have financial questions or want help budgeting for the cost of electricity in the coming year, contact your local credit union.