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9 Energy-Efficient Home Improvements That Also Save You Money – Money Talks News

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Editor’s Note: This story originally appeared on The Penny Hoarder.

How would you like to invest $30 and be paid a $45 dividend on your investment every year after that?

That’s essential…….

michaeljung / Shutterstock.com

Editor’s Note: This story originally appeared on The Penny Hoarder.

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.

And now is the time for improvements: Electric and natural gas prices are on the rise, but an energy-efficient home can keep those utility bills at bay.

If you take the steps suggested that follow — especially if you do the work yourself — you could save a bundle on electric and gas bills. And if you think of the improvements as an investment, you can enjoy a healthy annual rate of return without paying income taxes like you would on regular investment returns.

The High Cost of Electricity and Natural Gas

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If you pay for powering your home, you know that the dollars can really add up.

The price per kilowatt hour (kWh) of electricity in the U.S. rose from nearly 14 cents to 15 cents over the last year, according to the Energy Information Administration. While a single cent might not sound like much, the average American household uses nearly 900 kWh of electricity each month.

That means the average monthly electric bill has gone up about $9 in 2022 to roughly $135. 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.

And it’s not just electricity prices that are skyrocketing. Natural gas prices hit a 13-year high earlier this year and are expected to continue to grow, due to a healthy mix of weather, inflation, and supply shortages.

Inflation and extreme weather may be out of your control, but you can actively keep your gas and electric bills lower by investing in your home’s energy efficiency.

And it doesn’t have to be a major renovation, like new windows or a better roof. Small, affordable home improvements can make your home more efficient and translate to real savings.

Ready to get started? Here are several ways to save money by improving your house.

1. Insulate the Water Heater

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An insulating jacket for your hot water heater will cost $30 or so, and you can install it yourself in about an hour.

Don’t worry: You can quickly recoup every cent spent on the jacket. 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 …….

Source: https://www.moneytalksnews.com/slideshows/9-energy-efficient-home-improvements-that-also-save-you-money/

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