What you should know
- Millions of Americans are battling scorching temperatures as the country faces a dangerous heat wave.
- Meanwhile, US residents are expected to pay about 2% more for electricity this summer, the US Energy Information Administration predicts.
- Experts cover four ways to save money on cooling costs this summer.
As millions of Americans across the country brave scorching heat, experts offer money-saving tips amid record-breaking temperatures.
Despite falling inflation, electricity prices remain high with an annual increase of 5.9% in May, according to the US Bureau of Labor Statistics. This summer, Americans are expected to pay about 2% more for electricity compared to last year, the US Energy Information Administration predicts.
“This is one of those tough times where staying cool isn’t just a matter of comfort and convenience, but can be a health and safety issue,” said Bruce McClary, senior vice president of the National Foundation for Credit Counseling.
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McClary said the heat wave is particularly worrisome for the hottest parts of the United States, where summer energy bills are already higher. For cash-strapped consumers, higher-than-expected electric bills can sometimes be the “tipping point” toward a financial crisis, he said.
With temperatures lingering in the triple digits in some parts of the country, here are some of the best ways to save on cooling costs, according to experts.
1. Turn up the thermostat
One of the best ways to save on home cooling costs is to turn up the thermostat, according to Mary Farrell, a senior editor for Consumer Reports. While your savings can depend on many factors, she said that changing settings by even a few degrees can mean substantial savings.
You can save up to 10% per year on both cooling and heating adjusting your thermostat seven to 10 degrees from its normal setting for eight hours a day, according to the US Department of Energy
2. Minimize heat gain
It’s also critical to reduce your home’s “radiant heat gain” by closing blinds or shades on sun-facing windows and keeping doors closed, said Arcadio Padilla, a supervisor of complex problems for Texas-based Reliant Energy.
While natural light is nice to have, it brings too much heat into the house during the summer, he said. “And that’s our enemy right now.”
3. Optimize your airflow
Another wallet-friendly option is to check your system’s airflow. “Air conditioners use the most energy when they have to work the hardest,” said Adam Cooper, general manager of customer solutions for the Edison Electric Institute.
Cooper said that replacing dirty air filters cuts energy use by 5-15%, and he can ensure the system runs efficiently with regular tune-ups and keeping the unit free of debris.
4. Check the thermostat settings
For high-humidity areas, Reliant Energy’s Padilla also recommends keeping your thermostat on the “auto” setting instead of “on” or “circular.”
“We don’t want to introduce more humidity,” he said, so if you have a smart thermostat, turning off the circulation feature is critical.
This article It was originally published in English by kate dore, for our sister network CNBC.com. For more from CNBC enter here.
