Cutting Expenses in Retirement? 6 Ways To Reduce Utility Costs
Written by
Andrew Lisa
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Sean Fisher
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There’s not much retirement-aged folks can do about their fixed expenses, but it’s always best to keep fluctuating expenses, like light and water bills, as low as possible. However, increasingly extreme weather and temperatures are pushing most people’s utility bills in the other direction.
The National Energy Assistance Directors Association and Center for Energy Poverty and Climate projected that this year’s summer electric bills would rise by 8% to $719 for the June through September period, up from $661 during the same time in 2023.
The good news for retirees on fixed incomes and tight budgets is that they have the power to lower those bills without sacrificing comfort.
Here are five states with the highest utility bill costs in 2024.
When Every Year Is the Hottest on Record, You Need a Cooling Strategy
Cranking up the AC every time the temperature rises is no longer a sustainable strategy as heat waves become more frequent and severe every summer.
“With the recent record-breaking temperatures across the country, it’s important that you create a customized cooling schedule around your routine to start saving energy without compromising on comfort nor putting extra stress on your AC unit,” said Richie Drew, VP of operations of One Hour Heating & Air Conditioning. “It is recommended to invest in a programmable thermostat to save money. It can also detect when no one is home and scale back to run the HVAC system in energy-saving mode.”
Al Fouz, owner of Abaco Air Experts, an HVAC company in Jacksonville, Florida, agrees.
“Upgrading to a programmable thermostat can save up to 10% annually on heating and cooling costs,” he said. “Set the thermostat to lower temperatures when away from home or sleeping. This prevents the system from working harder than necessary.”
HVAC TLC
After installing a smart thermostat, Fouz urges his clients to add to their savings by scheduling simple but effective basic HVAC upkeep.
“One easy way is through regular maintenance and filter changes,” he said. “Dirty filters reduce efficiency and can increase costs by 5% to 10% per month. Replacing filters quarterly ensures maximum airflow and lower energy usage.”
Stop the Leaks
While some are worse than others, over time, there is no such thing as a minor leak. If you spot one, don’t waste any time stopping it.
“One of the easiest ways to cut back on your water bill is to fix leaky faucets and toilets,” said Joseph Wade, VP of operations of Benjamin Franklin Plumbing.
According to the U.S. Geological Survey, a leaky faucet that drips every two seconds wastes 8.6 gallons of water per day and 3,124.4 gallons per year.
Invest in Water-Saving Appliances
Fixing leaks can require little more than the turn of a wrench, but don’t stop there. A small upfront investment in water-saving technology can quickly pay for itself.
“You should consider upgrading to low-flow toilets and showerheads,” said Wade. “The EPA says the average family spends $1,100 annually on their water bills and can save around $350 by installing high-efficiency WaterSense appliances.”
Slay Vampires
So-called vampire appliances leach energy when plugged in, 24 hours a day, seven days a week, whether you’re using them or not.
“Unplug small appliances and electronics throughout the home that you’re not regularly using,” said Dan Mock, vice president of operations of Mister Sparky, a nationwide network of electricians. “Not only will this save you money on your electric bill, but it might also save your appliances from being impacted by any lightning storm or power surges that might occur.”
According to Just Energy, the most bloodthirsty of these vampires include:
- Electric toothbrushes
- TVs
- Thermostats
- Computers
- Kitchen appliances
Don’t Let Your Pool Put You Underwater With Your Utility Bills
Pools require energy to run, but you can dramatically reduce the amount that yours uses with a little maintenance and one very smart upfront investment.
“Using a pool cover can reduce water evaporation and maintain pool temperature, cutting down on heating costs,” said Jimmie Meece, brand president at America’s Swimming Pool Company. “In addition, the importance of regular maintenance to keep pool systems running efficiently, preventing energy waste.”
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