The Best Money You'll Never Spend: Saving on Energy Costs

Thursday, July 12 at 01:30 PM
Category: Personal Finance

Need some help in beating the heat of summertime? Here's a tip that is largely unknown, and often overlooked: Most electric utilities - particularly rural electric cooperatives - offer FREE home energy audits to help you identify ways that you may improve the overall energy efficiency of your home.

So you may be thinking, "Well, that's nice, but what if I don't have a ton of cash on hand to pay for improvements that save energy?" The good news: such energy audits can uncover simple, low- or no-cost ways to reduce the load on your air conditioning and heating systems. For example, a recent audit of my own home found that the simple act of closing the curtains on one side of the house resulted in a considerable reduction in the load on my air conditioner. Total cost? Zero.

But even for those improvements that do require a cash outlay, remember that the future savings on utility costs will often pay for all or part of such improvements, plus you get the benefit of living in a more comfortable home. Your savings can be even greater when you "stack" available rebates and tax credits that are frequently offered by local, state and federal agencies, as these result in a quick recovery of part of your expense. Information on these programs is often available from appliance dealers, heat and air contractors, window installers and insulation contractors, as well as your qualified tax advisor. In addition, a list of programs and tips may be found at www.energystar.gov.

There may be still another way to stack the savings, if you use an Arvest Home Equity Loan or Home Equity Line of Credit to pay for improvements! Again, check with your qualified tax advisor, but interest paid on these products may be tax deductible.* (Arvest Bank is an Equal Housing Lender; loan products are subject to credit approval).

So, when you look for ways to go green, you will often save green in return, making these energy saving improvements the best money you'll NEVER spend!

*Arvest Bank is an Equal Housing Lender; loan products are subject to credit appoval.

Every financial situation varies. Please consult your Arvest lender for specific advice.

This article was written by David Bugea, Program Manager for Arvest Bank Training & Development. He may be contacted at dbugea@arvest.com.

Tags: Financial Education, Savings
daniel on 3/2/2016 at 12:17 PM
Thanks for the post about energy saving insulation.

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