I Asked an Energy-Saving Expert How I Can Save Money on My Energy Bill

Our experts answer readers’ investing questions and write unbiased product reviews (here’s how we assess investing products). Paid non-client promotion: In some cases, we receive a commission from our partners. Our opinions are always our own.One of my biggest 2024 financial goals is to stick to a strict monthly spending budget — my goal is to save 24% of my income. To help make that happen, I set aside cash every month to pay recurring and fixed costs.However, estimating how much my electric and energy bills will be has grown increasingly impossible, especially during the cold winter months. My local utility company even announced price increases over the next few years for energy usage. Those are already hitting my bill. I live in a one-bedroom apartment that’s under 600 square feet and my bill last month was $245, compared to $189 the month before.When my husband and I tried to figure out how the bill increased so much, we realized that due to the colder temperatures, we’ve used the heat more and have spent more time in our apartment using appliances and electronics, instead of being out and about. That extra cost puts a strain on my financial planning.We expect our energy bill to remain high in the coming months unless we make crucial changes around our apartment. I spoke to Maureen Minkel, the senior director of energy efficiency and conservation at South Jersey Industries, to find out three practical ways we can reduce our bill during the frigid winter months. Here’s what she shared.Since my husband and I both work from home, we like to keep the heat on in our apartment so that we can be comfortable throughout the day. But having the heat on for 12 hours is making our energy bill higher than we’d like.”A lot of times people, when it gets cold out and below a certain temperature, they start cranking their thermostat up and that increases their energy usage and increases their bills,” she says.Instead, Minkel recommends keeping the thermostat at the lowest temperature that’s still comfortable to work and live in. For example, she says we could leave it at 68 degrees and set the fan to run on auto.”You can save more even just by lowering the temperature overnight or when no one is home,” she says.Instead of keeping the heat on all day, we plan to both put on an additional layer like a sweatshirt and lower the thermostat for at least half of the workday.I’m renting my current apartment, so I don’t want to make a ton of expensive changes to this place. But I am willing to invest a little money if it will decrease my monthly energy bill.Minkel says that you can save 10% to 20% on your heating and cooling bills by weatherstripping.”This is the process of closing up air leaks in your home so that you can keep the cold air out and the warm air in,” she says. “Look for areas in your home that might be a little drafty or see if there are any cracks by the window frames.”Minkel recommends using products like foam insulation or window insulation kits to help with the weatherstripping process.I spent less than $30 on a few weatherstripping items for the windows and doors in my apartment. Hopefully, in the upcoming months this will pay off on my energy bill.Minkel says I could also benefit from a free home energy assessment.”An auditor comes over and goes room by room to look for ways you can save,” she says. “Whether through simple changes or deeper retrofits to your home that make it more energy efficient.”Minkel says that people can find these offerings through their utility companies by searching on their websites. While my local utility company doesn’t offer an in-home assessment, it does share resources and tips on how to check your home for money-saving opportunities.Minkel also says that it’s important to stay safe with your actions even when you’re eager to lower your energy bill.”Some people will think to heat their home with their stove, but you never want to leave your stove on as an additional heat source or open your oven,” she says. “There’s a lot of danger around that. You might forget it’s on or something could catch on fire.”Instead, Minkel says that it’s important to put safety first as you’re looking for ways to reduce your energy bill.

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