A majority of homeowners are losing money every day due to small household issues they overlook. Here are our picks for the top 5 ways homeowners lose money.
1.) Insulation Issues
Insulation is used to trap in the heat and cold from leaving your home too quickly. Having proper insulation is key to maintaining a comfortable environment in your home.
A simple way to keep your home’s temperature from freezing while you have that heater cranked up or still hot when you’re blasting that AC is to take a look at your insulation. Make sure the walls and windows are sealed and undamaged. If your insulation is not there or damaged it's time to get new Insulation. This will keep your home comfy in all weather situations, which will save you money and keep your home energy costs down!
2.) Unmonitored Thermostats
If you are still messing around with that same old thermostat that came stock with your home, you are losing real money!
Some homeowners, including perhaps yourself, may be losing some serious cash by not having a smart thermostat. The advantage of a smart thermostat is that you can set different temperatures for your home for different times of the day. This works well for example if you and your children aren’t home during most of the day but get home around the same time. You can program your thermostat to adjust the temperature at just the right time for comfort and cost effectiveness. This simple addition to your home will greatly reduce your utility bill.
As of writing this, it's 2017, so getting a smart thermostat has become affordable and easier to install than ever. There are so many awesome thermostats to choose from, but if you want our top pick, leave your comment below and we’ll be sure to share that with you there!
3.) Plumbing Problems
We all know about the financial cost that surrounds plumbing issues, including major ones like flushing the toilet and water coming out of the shower.
I joke of course, but the type of plumbing problems I'm referring to are the ones that are virtually unseen or unfixed due to its consequences being underestimated. These sneaky underestimated culprits I’m talking about leaky faucets or pipes that seep water or the dreaded running toilet. These things can be easily sealed or repaired by a handy person around the house or a professional. The truth is, any time you are losing water you are losing money and possibly inviting an unexpected mold problem you could have avoided.
4.) Energy Inefficiency
I think by now you’re noticing a trend. Energy inefficiency is one of the leading reasons homeowners are losing money.
Your home energy cost can be greatly reduced by conserving energy and by using energy efficient appliances and led lighting. So I think we all know the obvious things like turning off lights or unplugging certain appliances when no one is around to use them but what I'm talking about is inefficient lightbulbs and appliances.
Now here’s an excuse to look at some shiny new appliances and cool new L.E.D. light bulbs online or at your nearest retailer. Just make sure that when you do find that new refrigerator or energy efficient television of your dreams you explain clearly to your spouse that you are doing this to save money and the planet.
5.) Your Utility Company
Now here’s the big one . . . Utility rates on the rise year after year.
Standard utility rates rise to meet the growing energy demand. This means an average utility bill will increase between 3.5%-7.0% from the following year. And yes, 3.5% might not look like much, but here’s a quick look at what a 3.5% increase looks like over time.
Example: If you paid $250 per month on average for energy this would mean you pay $3,000 per year, but with a compounding interest rate of 3.5% year to year for over 20 years, $250 would jump to $480.63 per month or $5,767.50 for using the same amount of energy you did 20 years earlier. Crazy right? This also means you would have paid your utility company over $84,000 to your utility company. Ouch!
So what can be done to avoid this huge money loss situation? How about relying on the Sun’s natural ability to provide energy as a resource to power your home? This is not only a green renewable source of energy but also a great way to save money. These days going solar is getting easier than ever and it couldn’t be a better time either. Currently, the United States government is offering a Federal Tax Incentive on renewable energy. This incentive is a dollar for dollar deduction of 30% of the total cost of a home or business solar power system. There are also many states and utility companies that offer incentives or net metering which can be combined with the Federal Tax Incentive which makes the cost of going solar even more affordable.
When looking for a free solar power quote, make sure you ask the right questions, like ”Can you show me a utility company versus home solar power system cost comparison?”, “What panels will I be getting?", "What’s their warranty?”, and “Who will install my panels?”
If you are looking for an all-in-one solution for your home solar power system and would like a free quote, choose Green Solar Technologies, a nationwide company, and proud Solar World Platinum Installer, the nation's top-selling manufacturer of American-made solar panels.
Staying Vigilant Saves Money
In order to keep yourself from losing money, stay vigilant, look at the small and large details of your home’s operation and make changes and upgrades whenever possible. Often times small upkeep could save you thousands of dollars down the line. For more tips, offers, and other great content fill out our information form and stay connected with us.
Cheers, and stay sunny!
Writer: Eddy Martinez
Editor: Geddy Friedman