Published June 26, 2024

4 Simple Tips for Saving Money on Your Electric Bill

Especially in the summer, electricity costs can take a serious bite our of your budget.

An electrical outlet with a plug.

Does your electric bill seem out of control? Let's chat about some simple changes that can help you flex those saving muscles—and no, you won't need to sacrifice comfort or resort to living by candlelight.

1. Be Aware of Peak-Time Charges

Did you know that when you use electricity might be just as important as how much you use? Electric utilities often have peak-time charges, meaning they hike up rates during certain hours. Yep, just like surge pricing for rideshares. In the summer, these peak times are usually in the late afternoon to evening. Imagine you're coming home from work, flipping on the AC, and cooking dinner—prime time for high rates.

So, what's the game plan? Turn up your thermostat during these hours. You don't have to sweat it out; just aim for a degree or two higher. And hold off on running energy-gobbling appliances like your dishwasher or washing machine until off-peak hours. Got a crockpot? Use it! Slow-cooking your dinner while you're at work can save you those high evening costs.

2. Wash Your Clothes with Cold Water

Picture this: You're in the laundry room, sorting your whites from colors, and about to hit the "hot" cycle. But hey, unless your clothes are stained from a mud-wrestling competition, cold water gets the job done just fine. Switching to cold water can be a game-changer—especially if you have an electric water heater. Less energy heating water means less on your bill.

And guess what? Cold water is gentler on fabric, too. You're saving money and your favorite jeans. Win-win, right?

3. Be a Smart Plug Detective

Have you ever wondered which appliances are snacking on your electricity when you're not looking? Enter smart plugs. These handy gadgets can help you figure out where all that energy (and your money) is going. Smart plugs are super easy to use and won't break the bank. Plug them into your outlets, connect your devices, and voilà—you can track usage right from your phone.

Once you identify the culprits, you can make some decisions. It's all about making smarter choices that add up to big savings.

4. Get Used to Warmer Temperatures

Let's face it: Living in an oven isn't anyone's idea of fun. But your air conditioner is a major energy hog, and bumping up the thermostat by even a couple of degrees can make a significant difference. Plus, you'll get acclimated faster than you think.

Try this: Start by increasing the thermostat setting by one degree each day until you find a temperature that feels a tad warmer but still comfortable. Supplement with ceiling fans or portable fans—they use far less energy and can make a room feel cooler.

A Few More Tips for the Road

Remember, it’s the little changes that count. Saving on your electric bill doesn’t mean giving up what you love; it’s about being a bit smarter with your habits. And who knows? Next time you see your electric bill, maybe you’ll be toasting with your friends over just how savvy you’ve become.

So, ready to start saving? Let’s lighten up that electric bill!

If you want to take control of your finances and get a handle on where your money goes each month, Latwy offers a free 30-day trial.

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