Retire With Ryan

5 Ways to Lower Your Electric Bill, #126


Listen Later

Energy costs have risen substantially over the past year. However, there are certain things that you can do to lower your energy usage. Some with little to no effort at all! On this episode, I’m going to cover five things that you can do to specifically lower your electric bill and save hundreds of dollars a year.

You will want to hear this episode if you are interested in...
  • Shopping for a better supplier rate [2:17]
  • Requesting a home energy audit [8:53]
  • Upgrading to a smart thermostat [10:40]
  • Using LED light bulbs [12:51]
  • Unplugging vampire appliances [14:07]
Utilize your resources for lower energy costs

If you pay the utility bill in your household, it’s evident that natural gas and heating oil prices have risen dramatically over the past year. The cost to fill up your tank at the gas station is another major indication of skyrocketing costs. While we’re powerless to control the cost of oil, there are things we can do to lower our energy and electricity usage. 

First, you should check to see if you live in a state with a deregulated energy market like Connecticut. If you live in one of the 26 states that do, there are two components to your electric bill. The first component is known as the delivery rate. This is considered the “regulated” portion of the bill that consumers have little control over. The second potion is the supplier rate. Consult your electric bill to determine the kilowatt per hour cost. That is the rate you want to shop around for! You should be able to use a resource like Connecticut's energizect.com to evaluate which providers in your area have the best supplier rate and make the switch. 

Upgrading to downgrade your electric bill

Another great way to cut down your energy costs is to install a smart thermostat. These relatively easy-to-install devices learn your heating and cooling habits to use the most efficient amount of energy possible, ultimately lowering your monthly bill. Additionally, if you leave the house for an extended period of time and forget to set your thermostat accordingly, it’s easy to adjust the temperature from afar, saving you from a costly spike in your electric bill.

Connecticut residents have the added benefit of requesting a home energy audit through Energize CT. For a $50 inspection fee, a home inspector can examine your home for possible pitfalls such as air leaks, insufficient insulation, and inefficient appliances. They also provide professional insight on how to fix these issues if they are present. If you implement these upgrades to your home, you can significantly decrease your electric bill and heating costs by up to $200 per year. Listen to this episode for more energy saving tips!

Resources Mentioned
  • 7 Ways To Cut Your Monthly Bills, #111
  • Energize CT
  • How Much do LED Lights Save?
Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact

...more
View all episodesView all episodes
Download on the App Store

Retire With RyanBy Ryan R Morrissey

  • 4.9
  • 4.9
  • 4.9
  • 4.9
  • 4.9

4.9

38 ratings


More shows like Retire With Ryan

View all
Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

Your Money, Your Wealth

811 Listeners

Retirement Answer Man by Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Retirement Answer Man

1,319 Listeners

Retirement Starts Today by Benjamin Brandt CFP®, RICP®

Retirement Starts Today

546 Listeners

The Retirement and IRA Show by Jim Saulnier, CFP® & Chris Stein, CFP®

The Retirement and IRA Show

757 Listeners

Big Picture Retirement® by Devin Carroll, CFP® & John Ross, JD

Big Picture Retirement®

546 Listeners

Stay Wealthy Retirement Podcast by Taylor Schulte, CFP®

Stay Wealthy Retirement Podcast

682 Listeners

Retire With Purpose - The Retirement Podcast by Casey Weade

Retire With Purpose - The Retirement Podcast

589 Listeners

The Long View by Morningstar

The Long View

925 Listeners

Ready For Retirement by James Conole, CFP®

Ready For Retirement

830 Listeners

The Rob Berger Show by Rob Berger

The Rob Berger Show

204 Listeners

The Long Term Investor by Peter Lazaroff

The Long Term Investor

154 Listeners

Retirement Planning Education, with Andy Panko by Andy Panko

Retirement Planning Education, with Andy Panko

1,068 Listeners

Retire With Style by Wade Pfau & Alex Murguia

Retire With Style

187 Listeners

The Great Retirement Debate with Ed Slott & Jeffrey Levine by The Great Retirement Debate with Ed Slott & Jeffrey Levine

The Great Retirement Debate with Ed Slott & Jeffrey Levine

142 Listeners

Retirement Answers by Jacob Duke, CFP®

Retirement Answers

101 Listeners