Many of us are trying to save energy, whether for financial or environmental reasons, or both.
Yet, many myths about saving energy around the home simply don't work.
Here are 15 changes that won't actually lower your utilities and keep more money in your wallet.
Now Available: The Definitive Guide to Retirement Income
Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›
Making the HVAC work faster saves energy
Some people try to save energy by turning their thermostat way up or down to reach their desired temperature as quickly as possible. Then, they turn off the unit to let it "coast" for a while.
But this doesn't work and can burn out your system faster than letting the heating, ventilation, and air conditioning (HVAC) system do its thing more reasonably. Instead, try using a programmable or smart thermostat and sticking to a consistent schedule, adjusting for time of year rather than drastic, sporadic changes.
Using space heaters saves energy
People will often try to save energy by keeping a home's main heat source down and plugging in space heaters. They assume that electric space heaters must save more energy than actually using heat throughout the entire house.
But that's not the case. Instead, those little space heaters suck up a lot of energy, pushing your bill higher, so it's best to just avoid using them when you can.
Ceiling fans significantly lower the temperature
Similar to space heaters, some people may believe that using a ceiling fan is a more efficient way to cool a home than using the AC.
While a ceiling fan may feel nice, relying solely on it won't actually cool the air temperature. Instead, they create a wind chill effect. Rather than relying on the ceiling fan alone to keep you cool, pair it with a slightly higher thermostat temperature to both lower your costs and keep you cool.
Released: The Definitive Guide to Retirement Income (Sponsor)
Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn More Here ›
Electricity costs less than other energy
This is the myth that perpetuates the space heater and ceiling fan myths since electricity is generally more expensive than natural gas or propane.
If you're looking to cut your utility bill, you're better off using heating systems powered by the latter resources rather than relying on electricity.
New windows pay for themselves in energy efficiency
New windows certainly can save energy, but they can also be very expensive to purchase and install. In fact, it's difficult to recoup the cost in energy savings.
If replacing windows isn't quite in your budget, you can try simpler, more affordable energy-efficiency fixes like adding caulking or weatherstripping to your windows.
Turning off the AC when you're not home saves energy
If you let your house heat up during the day, your AC unit will actually work harder when you return home.
This is a situation where compromise works better. Instead of completely turning off the HVAC unit when you leave, leave it on at a higher setting.
Switching a light on and off uses more energy than leaving it on
Turning a light on does increase energy usage initially. However, that increase is not enough to justify keeping the light on indefinitely.
The surge lasts less than a second, so you'll probably waste more energy leaving the lights on for long periods when you don't need the illumination.
Appliances cost less to run at night
All things being equal, running devices such as the dishwasher at night will not save you money.
Some utility companies reward customers for using appliances during off-peak hours. Those folks can indeed save money by running appliances at night.
However, the rest of us pay a standard rate for energy usage at any time of day.
Only your HVAC matters when reducing energy usage
Some people focus solely on their HVAC system when trying to reduce energy usage.
Yes, the HVAC uses a lot of energy. But don't discount the amount of energy that other items — including appliances, computers, and televisions — use daily. Try monitoring your use of these items. You might be surprised how quickly the amount of energy (and cost) adds up.
Earn $100 cash rewards bonus with this incredible card
The Wells Fargo Active Cash® Card (Rates and fees) has no annual fee and you can earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
Cardholders can also earn unlimited 2% cash rewards on purchases.
The best part? There's no annual fee.
Turning appliances off stops energy usage
Even when an appliance is turned off, it can still draw some energy. It may look like it's sleeping, but it's still adding to your bill. If you want to stop the energy flow completely, you need to unplug the device.
Closing vents in unused rooms saves energy
You can close the vents in unused rooms, but your attempts to save energy this way could backfire.
When you close vents in one room to redirect hot or cold air to another room, it can create buildup in HVAC ducts, which in turn can cause leaks.
Washing dishes by hand uses less energy than a dishwasher
Today's energy-efficient dishwashers use less water and electricity. Washing dishes by hand actually uses more water.
If you use hot water, the water heater uses more energy. Filling up the dishwasher and pressing a button is actually the energy-efficient way to go.
CFL bulbs are the most energy-efficient choice
While compact fluorescent lamps (CFLs) are slightly less expensive than light-emitting diode (LED) bulbs, that doesn't make the former the better energy-efficient option.
While CFLs are more efficient than traditional incandescent bulbs, LED bulbs are still the gold standard for energy efficiency.
Heavy drapery will keep the cold air out
It sounds like it could make sense, right? Heavy drapery should act as insulation to keep drafts and cold air out on frigid days.
But not so fast: Opening up that drapery will let sunlight in, which will heat your home. Focus instead on keeping the windows locked to create a tight seal that keeps out cold air.
A screensaver will use less energy
A screensaver full of movement and graphics can actually use more energy than letting your computer drift off into sleep mode.
Instead, change your settings to let your computer go to sleep faster and use less energy.
Bottom line
Energy-saving myths abound, and many of them are well-intentioned and may even sound like they make sense.
But these myths don't really work in an era of more energy-efficient appliances, HVAC systems, and homes.
If you want to start to build your wealth and help the environment, you will have to consider other ways to reduce your energy usage.
Up To 5% Cash Back
on Issuer's secure website Intro Offer
UNLIMITED CASHBACK MATCH: Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. Click Apply Now to view important rates and disclosures. Plus, receive a $200 statement credit when you spend $500 on purchases in your first 3 months of account opening
Annual Fee $0 Why we like it
The Discover it® Cash Back is ideal for anyone who loves flexible rewards options.
Cardholders can redeem their cash back for any amount.
Earn 5% cash back on rotating bonus categories up to the quarterly maximum when you activate, along with 1% cash back on all purchases.
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment.
Our partners do not influence how we rate products.
Subscribe Today
Unlock the Best Banking Deals and Bonuses
From high-yield savings accounts to cashback checking and sign-up bonuses, we bring you the best banking offers to grow your money smarter.
Add Us On Google