Page 4 Friday, November 13, 2020
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5 tips to save on energy costs ably in a cooler room (around 65 degrees Fahrenheit), so automatically lowering your thermostat at night during the fall and winter could mean both better sleep and lower utility bills.
BRANDPOINT Home may be where the heart is, but the higher energy bills from staying home 24/7 are causing households across the country a hefty case of heartburn. The hot summer months were tough enough, but as we head into the cold winter months, we’re in for another peak in power bills. Although you may not feel in control of lowering those bills, there are a number of ways households can reduce monthly energy usage and costs. Here are tips for changes - large and small - that can add up to big savings on utility bills. Reduce your hot-water usage Hot water heaters can contribute to as much as 13% of your electric bill. You can lower the costs of heating up water in your home by taking shorter showers and lowering the standing temperature on your water heater. Lowering that temperature can also help prevent scalding due to overly hot water, which is a good safety measure for households with young children. According to Energy.gov, some manufacturers usually set their water heater thermostats at 140 degrees Fahrenheit, but you can easily set the temperature down to 120 degrees for an energy savings of 4-22% annually. Go solar and put your home to work for you Now is a great time to go solar, no matter where you live, and according to a 2020 survey by Harris Insights & Analytics, homeowners are increasingly interested in solar energy as a way to help take control of their energy bills while in-
Replace old bulbs You’ve probably heard this before, and you may have even replaced one or two bulbs in your home already. But the truth is, it’s the easiest step to take that can save a lot of energy. Swapping out your old incandescent light bulbs with LED bulbs saves both energy and money in the long run. According to EnergyStar.gov, an Energy Star certified LED bulb produces light up to 90% more efficiently than incandescent lighting. And while they may cost a little more up front, they last up to 25 times longer than traditional light bulbs.
vesting in their home - their most prized possession. Lower costs. According to the Solar Energy Industries Association, the cost to install solar has dropped by more than 70% over the last decade, and it’s even less if you take advantage of state and federal tax credits. Solar panels installed in 2020 receive a 26% federal tax credit, and in 2021 will receive a 22% tax credit. Over the lifetime of a solar system, the average home can save between $10,000 and $30,000 in energy bills. Investment Opportunity. At a time of historically low interest rates, homeowners see solar as an investment, not just a purchase. So it’s important to find a brand you
can trust, a company that will stand behind its products for years to come. It helps to look for a solar panel manufacturer that offers a best-in-class 25-year warranty to provide peace of mind for years to come. Easy. New virtual tools and resources also make going solar easier than ever, like LG’s personal solar advisor called “Solar Concierge.” It includes a free analysis of your home and will guide you step-by-step toward the best solar option. Upgrade your HVAC system With as much as half of the energy in your home going towards heating and cooling, choosing an ENERGY STAR certified HVAC sys-
Ask your utility company for an energy audit Finding out where you may have tem can have a big impact on your leaks or insufficient insulation can comfort and your utility bills. Look help you discover specific ways to for efficient systems with stylish reduce energy costs. Most utility indoor units like LG’s sleek Art companies offer energy audits for Cool Mirror that offers enhanced free, to help homeowners assess performance in a beautiful mirwhere they could be losing heated rored design. Choose a single zone or cooled air. system to provide added comfort Once you’ve identified trouble to a room or a multi-zone solution spots, you can prioritize and tackle for whole home comfort. home repairs and home improveAnother simple upgrade is to ments from the minor to the major, use a programmable thermostat. such as caulking around windows Set it and forget it to enhance sav- and weather-stripping doors to ings. As temperatures change in adding attic insulation or replacing the summer and winter, adjusting old windows. the thermostat just a few degrees Following even one or two of higher in the summer and lower in these steps right now can help you the winter can make a big differreduce your monthly energy bills ence. And according to Healthline. and enjoy your home comfortably com, it’s easier to sleep comfortthis winter and for years to come.
US long-term mortgage rates rise; 30-year at 2.84% WASHINGTON — U.S. long-term mortgage rates rose this week. They remain at historically low levels, now around a percentage point below a year ago. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan increased to 2.84% from 2.78% from last week. By contrast, the rate averaged 3.75% a year ago. The average rate on the 15-year fixed-rate mortgage edged up to 2.34% from 2.32%. Breaking their downward trend through most of this year, mortgage rates were bolstered by the news Monday that a COVID-19 vaccine may be 90% effective, based on early and incomplete test results. The vaccine announcement came two days after Joe Biden became president-elect upon defeating President Donald Trump by crossing the winning threshold of 270 Electoral College votes with a win in Pennsylvania. The historically low borrowing rates have bolstered demand from prospective homebuyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic, but at the same time the rise in home prices has stretched the limits of affordability for many would-be buyers. The government reported Thursday that the number of Americans seeking unemployment benefits fell last week to 709,000, a still-high level but the lowest figure since March and a further sign that the job market might be slowly healing.
Is now the right time to refinance your mortgage? Consolidate your debt with a lower payment. You can get some of the lowest rates in the state, plus your money stays on Kaua‘i.
Visit us online at www.kgefcu.org to learn more. Anyone can be eligible for membership with KGEFCU