3 Ways to Lower Your Summer Electric Bill
As we dive into summer and the temperatures start to rise, it’s the perfect time to talk about how to keep your electric bill in check.
The Rising Cost of Energy
We all know that energy costs have risen significantly over the past year. While inflation has made everything from groceries to rent more expensive, energy prices have also seen a noticeable increase. For instance, natural gas prices surged by about 13% last year, which directly impacted electric bills. Here in Connecticut, where most electricity is generated by natural gas, this price hike is especially noticeable.
In the summer months, many of us are turning on the air conditioner to combat the heat, which only adds to our electric bills. And if you’re like me and have a pool, that can add an extra spike. Personally, I see my highest electric bills during the summer, thanks to both my air conditioner and pool pump running more often.
But don’t worry—there are a few simple ways you can lower your electric bill this summer. Below are three steps that could save you hundreds, possibly even a thousand dollars a year, depending on your energy usage and current setup.
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1. Review Your Energy Supplier Rate
Did you know that in some states, you can choose your energy supplier? In Connecticut, for example, there are two main components on your electric bill: the supplier rate and the delivery rate. The delivery rate is set by your local utility company (Eversource or United Illuminating in Connecticut), while the supplier rate is something you can shop around for.
Here’s the thing: supplier rates can vary significantly, so it’s worth checking out alternatives.
I recommend visiting EnergizeCT.com, where you can compare supplier rates. For example, as of recently, the lowest rate available was 10.7 cents per kWh with Town Square Energy, which could save you around $30 per month on a 1,000 kWh usage. And if you use more, say 2,000 kWh, you could save $60 a month.
The best part? There’s no penalty for switching suppliers, so you can make the change and, if needed, switch again after a few months. It’s a simple step that could result in significant savings.
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2. Schedule a Home Energy Audit
Another great way to save money on your electric bill is by scheduling a home energy audit. These audits are done by trained professionals who inspect your home for energy inefficiencies—things like air leaks, insufficient insulation, or inefficient appliances. They’ll suggest fixes that could dramatically cut down your energy use.
In Connecticut, you can request a home energy audit through EnergizeCT.com. The audit costs a $75 copay, but the energy provider covers the rest, which could amount to hundreds of dollars in savings. When I had my home audited, they found several air leaks and applied weather stripping to doors and windows, which could result in savings on both my summer and winter energy bills.
It’s important to act quickly, though. Demand for energy audits can be high, so it could take a couple of months for an inspector to come out.
3. Upgrade to Smart Thermostats
Lastly, consider upgrading to a smart thermostat. These programmable thermostats allow you to set schedules for your heating and cooling, so you’re not wasting energy when you don’t need it. For instance, you can set the thermostat to raise the temperature when you're not home, and have it cool down the house just before you arrive.
Smart thermostats typically cost between $150 and $250, but there are often rebates available through programs like Energize CT. These rebates can help offset the upfront cost, making it an even more affordable option.
One of the biggest advantages of smart thermostats is the convenience. You can control them remotely through your phone. So, if you forget to adjust the temperature before you leave for a trip, you can do it with just a few taps. This can be a huge game-changer when you're on the go and don't want to waste money cooling or heating an empty house.
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Final Thoughts
By implementing these three strategies—reviewing your energy supplier rate, scheduling a home energy audit, and upgrading to a smart thermostat—you can make a noticeable dent in your summer electric bill. These steps don’t require drastic changes to your lifestyle, but they can result in substantial savings that will add up over time.
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As always, have a great day, a better week, and I look forward to talking with you on the next blog post, podcast, YouTube video, or wherever we have the pleasure of connecting!
Written by Ryan Morrissey
Founder & CEO of Morrissey Wealth Management
Host of the Retire with Ryan Podcast