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(From the Financial Literacy Blog) – Friday, June 20 marks the official start of summer! With another cold, snowy winter (and hopefully most of the rain!) behind us, it’s tempting to go all-in to enjoy every moment of the seemingly short summer we get here in Maine. But given the National Weather Service’s forecast for high temperatures combined with the increased cost of living, you’ll want to be mindful to stay within your household’s budget to ensure your summer of fun does not detract from your long-term financial goals. There are many ways to be conscious of costs as you plan and approach your summer:
Save on Utility Expenses:
The northeast is looking at 50-60% hotter temperatures than average for this time of year, and despite Mainers only dealing with the heat for a short amount of time, maintaining a comfortable home environment can be a challenge. Costs climb in many households relying on air conditioners to cool their space, and those extra fees are not always in the budget. To help alleviate and/or offset additional costs, you may want to consider utilizing the following options this summer:
- Heat pumps are cost-effective for both heating and cooling. Efficiency Maine recommends matching the setting on your heat pump to the weather, which uses the least amount of energy. Additionally, they note that shutting the unit off when you are not in the room and optimizing the fan speed and the air flow directions are great ways to save.
- Similarly, ensure your ceiling fan blades spin counterclockwise (if you are looking up) to push the cool air downward, cooling the room off by up to 4° F. Dusting the blades regularly—and even applying a bit of car wax to prevent dust build-up—also helps the fan run better.
- Whether you are using an air conditioner, a heat pump, or fans throughout your house (or a combination), it’s best to clean any filters and coils frequently. Dirty, dusty, and clogged units will cost more as they require more energy to power through the debris.
- Keep your blinds and curtains closed during the day to prevent direct sunlight from contributing additional heat to your space, regardless of whether or not you are running an air conditioner or heat pump. Depending on the window covering (exterior awnings included), Consumer Reports shared that managing these properly can reduce heat gain by up to 33-77%.
- Close off any unused spaces in your home so you are not paying to keep those areas comfortable.
- Carefully choose how you cook! If your kitchen is already hot, you may not want to run your oven/stove and increase the temperature. Choosing alternate cooking methods, such as microwaves, air fryers, toaster ovens, slow cookers, and outdoor grills, will help you provide the meals you need with less heat contribution.
- Check your home’s seals and insulation. Good insulation can keep the heat out in summer (and the cold out in winter). You might even qualify for a tax credit if you make improvements.
- If you are running cooling units, which increases your energy bills, be extra cognizant of unplugging appliances and electronics and turning off lights that you are not using. Even if it’s turned off, the item still draws a small amount of electricity, known as “standby power” or “phantom power,” when plugged in. Using power strips can also help, as you can turn the switch off when not in use to cut power to anything you have plugged in to it.
In Conclusion:
Many Mainers excitedly anticipate a season free of snow and freezing temperatures, but it’s important to ensure you enjoy the season without losing sight of your financial well-being. Utility costs, especially in extreme and/or uncomfortable climates, add up quick. Set yourself up for success this summer by implementing at least some of the above tips!