Keeping Warm Without Breaking The Bank

 

When the weather outside is frightful, it can inflate heating bills to scary highs, too. In Go Banking Rates’ recent savings report, the leading online finance resource investigates heating costs, asking energy experts for their tips on how to save money on electricity and gas. Homeowners and renters trying to keep their abode warm without draining their savings accounts will benefit from these five tips for saving money on winter energy bills.

1. Bump the Thermostat Down: Just a Bit

Every degree you move your thermostat saves 3 percent on the energy bill, says Kevin Gallegos, Vice President of Phoenix Operations at the Financial Freedom Network, in an exclusive interview with Go Banking Rates.

The average heating and cooling bill for a household is $1,000 over the course of a year, so lowering a thermostat just five degrees could save a household up to $150. With a sweater and some thick socks, most homeowners can be just as comfortable while racking up the energy savings.

2. Seal up Weak Spots Where Heat Is Escaping

"Thirty percent of energy bills float out the windows, especially in vintage, older, single-paned windows," Scott Fischer, a consultant with energy consultancy company Ciel Power, tells Go Banking Rates when asked about his energy saving tips.

Homeowners with older windows could look into replacing them with the better-insulated models that are on the market today. Many energy efficient windows are quite affordable, and can provide savings on electricity by keeping heat where it is wanted, indoors. Sealing up cracks or loose holes in a homes exterior will also keep heat from leaking out of a home.