It seems to be a fact of life that once a person is over thirty, they slowly begin to add phrases to their vocabulary like “back when I was in school…” Or “the music we used to listen to…” and of course the ever-popular” we used to only pay____for that…”. I realized I was getting older when “my music” is considered a classic, not popular music. And when I could fondly remember what I used to pay for gasoline and my kids thought I was joking. As a newlywed 20 years ago, I remember thinking I couldn’t believe how much we had to pay for our electric bills. Now I laugh at how naive I was. As our family has grown, we’ve moved several times. No matter where we’ve lived, rising energy costs are an inevitability. In fact, according to the US Energy Information Administration (EIA.gov), energy prices have risen an average of 1.8% a year for the last 25 years. What if you could spend money today that could help reverse that trend for you?
A home is one of the biggest investments most people make. Paying to run everything in it is a big part of that. Energy prices continue to rise. They always will. Sometimes it’s worse than others, and sometimes they seem to stall for a bit, but overall the trend is rising prices.
Older Homes Lack Energy Efficiency
My home is older. The house was built about 60 years ago, with a significant addition added about 35 years later. We found out that the older areas of the home had no insulation in the exterior walls. Although we are slowly upgrading, our home is not exactly a model of energy efficiency. By insulating the exterior walls with RetroFoam injection foam, the temperatures inside the house were more comfortable and more even throughout the hose within a day. And the air conditioner was running easier instead of seeming to be blowing on high constantly. Some houses, especially newer ones, are already pretty energy efficient. But what if you can make it even better? Air sealing and insulating your home could save you up to 50% on your energy bills. But let’s face it, not every home will see that kind of savings. But what would even 10% or 20% do for you?
How Much Money Could I Save With Energy-Efficient Upgrades?
Now here’s a secret, I like math. I don’t do complex equations, but I like basic math. I find it fun to solve simple problems. I started trying to figure out how much money I was paying out in electric bills and if it was worth spending the money for energy-efficient upgrades to my home. The math doesn’t lie. If energy prices continue to go up 1.8% a year, and if you can cut your current bill by 30% a month (by making your home more efficient) then it will take 20 years before you’re again paying what you are currently.
Here’s an example: if you currently average $200 a month in electric bills, that’s $2400 a year. If you cut that by 30%, you will only be paying $140 a month or $1680 a year. If energy prices continue to rise at the same average rate of 1.8% a year, it will be 2041 before you pay $2400 a year again. In this particular scenario, that is an actual savings of over $9600. If you can save hundreds of dollars a year, what other areas of your life can you invest that money in?
I’m sure I will never see gas prices under $1.00 a gallon ever again. But if I could get my electric bills back to where they were 20 years ago, or 20 years from now, look back and know I did everything I could to save money. I can live with that. The time will continue to pass, and I don’t want to regret wasting money I could have saved.
Wishing, “If Only…”
If I could have saved thousands of dollars over the last 20 years, what could I have done with that money? And even though I’m sure I’ll still be wishing for the prices of the good old days, I like knowing I won’t look back 20 years from now and wished I’d saved more today.
If you’d like more information on ways to make your home more energy-efficient, please reach out to us. One of our concierges would love to talk with you more.