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How would you like to invest $30 and be paid a $45 dividend on your investment every year after that?
That’s essentially what you do when you make certain energy-efficient home improvements to lower your expenses.
If you pay for powering your home, you know that the dollars can really add up. The average monthly electricity bill in the US in 2021 was $122, up $5 from the previous year. But your bill can vary widely depending on where you live and whether you also rely on alternative energy sources like gas or solar power.
If you take the steps suggested below — especially if you do the work yourself — you could save a bundle. And if you think of the improvements as an investment, you can enjoy a healthy annual rate of return and won’t pay income taxes like you would with regular investment returns.
9 Energy-Efficient Home Improvement Tips That Will Also Save You Money
When you invest in your home to lower your bills, every penny saved is yours to keep.
Ready to get started? Here are nine ways to save money by improving your house.
1. Insulate Your Water Heater
An insulating jacket for your hot water heater will cost $30 or so, and you can install it yourself in about an hour.
According to the experts at the Department of Energy, insulating a hot water tank saves 7% to 16% annually.
In other words, assuming the average hot water costs $438 to operate annually, you’ll have $30 to $70 more in your pocket each year.
If you’re able to make a bigger up-front investment, you may consider replacing your traditional electric water heater with a heat pump water heater.
Instead of generating heat directly, heat pump water heaters act more like refrigerators in reverse — they pull heat into the device instead of pushing it out.
A family of four could save more than $330 per year on its electric bills, compared to a standard electric water heater, according to the DOE. The DOE estimates the cost to switch is approximately $800,…
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