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Temperatures and inflation are red hot. This is how you can save on your electricity bill this summer

2022-07-12T12:50:19.230Z


The cost of electricity has risen 12% compared to last year and turning on air conditioning can be a problem for many consumers. This is what the experts recommend.


By Carmen Reinicke -

CNBC + Acorns

Summer is here and it's hot. 

Forecasts from the Farmer's Almanac, the National Oceanic and Atmospheric Administration, and The Weather Company—the forecasting and technology company owned by IBM—say the same thing: This summer is going to be hotter than average.

Meanwhile, American consumers are facing the highest inflation in 40 years, which has pushed up the prices of everything from energy to food.

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In May, energy costs rose almost 35% compared to the previous year, with gasoline and diesel fuel contributing the most to this high increase.

Costs for energy services are up 16% from a year ago, and electricity 12%, according to last month's Consumer Price Index report. 

This cost reduction could make it harder for Americans who want to stay cool this summer.

Here are some ways to reduce energy consumption so you can keep your air conditioner running.

Tips for efficient energy consumption

Most cooling systems use electricity, so making sure your home runs as efficiently as possible can help you spend less to run air conditioners and fans, according to Kelly Speakes-Backman, Assistant Secretary Deputy Principal of the Office of Energy Efficiency and Renewable Energy of the Department of Energy of the United States.

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First, do some general maintenance on your living space to make sure it's ready for the summer months.

Be sure to seal any leaks in windows or doors, especially if you use a window air conditioner.

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“This prevents hot air from leaving and cold air from entering,” Speakes-Backman said.

You should also clean or replace filters on air conditioners to make sure your units are working at their best.

If you regularly use fans and air conditioners, you can save money by making sure they're only on or at full power when you're home.

You can manually adjust the thermostat seven to ten degrees higher when you're away, or use electrical outlets with timers or devices with apps that let you schedule when the air conditioner runs.

Also, keep the blinds closed, especially in areas of the house that receive direct sunlight.

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You can also save energy by limiting the use of appliances that increase the temperature of the house and make it difficult to cool it in summer.

That may mean air-drying dishes, air-drying clothes, using smaller appliances to cook individual meals, and even giving up gas stoves.

“If you can, do it on the grill.

It's the little things that add up,” said Speakes-Backman.

Seek financial help for improvements

Tenants should check their rental agreement before making any changes to their home or see if their landlord helps them cover costs or pay for certain repairs.

Homeowners can benefit from an energy assessment or audit, in which a professional comes to your home and makes recommendations to improve your energy efficiency.

They tend to identify the most important problems first.

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Homeowners should be sure to look for resources that can help with energy costs.

There are weatherization programs, such as the Energy Star home improvement program, which is available to low-income households and can reduce energy costs by an average of $500 a year, according to the US Environmental Protection Agency.

Air conditioning. Witthaya Prasongsin/Getty Images

Additionally, there are federal tax credits and utility rebates that can offset the costs of many energy efficiency upgrades.

Find cooling centers

It is important that when the heat is intense, you make sure that your home is safe, that it is capable of maintaining an interior temperature that is not harmful to health.

If you're not sure you can cool your home effectively or if it's too hot, Speakes-Backman recommends looking into cooling centers, which are air-conditioned places where you can cool off in the summer.

People can find the one closest to where they live by consulting the National Center for Healthy Housing.

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“If it's really hot, you can't control it.

Don't force it,” suggested Speakes-Backman.

This article is part of the 

Invest in You: Ready series.

Set.

Grow

 (Invest in you: Ready. Ready. Grow), an initiative of CNBC and Acorns, the micro-investing app.

NBC Universal and Comcast Ventures are investors in 

Acorns

.

Source: telemundo

All news articles on 2022-07-12

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