Things a New Homeowner Should Do Immediately to Save Money (Part I)

You’ve unloaded the boxes, unpacked most of your stuff, and are just starting to settle into your residence. Right now is the perfect time to walk through a checklist of ways to save money on your home. Starting on these things as early as possible will allow you to start saving money sooner rather than later.

Here are fourteen items to check on or do immediately that will reduce the energy and maintenance costs of your home over the long haul.

1. Check the insulation in your attic and install more if needed: If you have an unfinished attic, make sure there is plenty of insulation up there. In fact, there should be at least six inches of it everywhere. If not, consider contacting your electrical company to help you determine if you have enough for your optimal needs.
   
   
2. Lower the temperature on your hot water heater down to 120 degrees Fahrenheit: This is the optimum temperature for your hot water heater. Most people do not utilize water that’s hotter than that, and thus energy used to keep the water that hot is not efficient. Lower the temperature to save money on your energy bill.
   
   
3. Toss a water heater blanket over that hot water heater: While most modern hot water heaters are well insulated, some are insulated better than others while many older heaters are not insulated well at all. A small investment in a water heater blanket for your water heater will gradually save you money on your heating bill over time by keeping the heat in the water instead of dissipating in the surrounding area.
   
   
4. Install ceiling fans in most rooms: Ceiling fans are a low-energy way to keep air moving in your home. Because of the air circulation effect, you can keep your thermostat a degree or two higher in summer and a degree or two lower in winter, netting a large savings. Most importantly, the air directly below the fan will blow cool air down on you in the summer and push down the rising heat in the winter.
   
   
5. Wrap exposed water pipes with insulation: Exposed hot water pipes lose heat as they move water from your water heater to your faucet. Insulating them makes a two to four degree difference in the temperature of the water and allows hot water to reach your faucet faster. Check the pipes in and out of your hot water heater first, as the first three feet out of the heater (and the last few feet of inlet water) are key.
   
   
6. Install a programmable thermostat – and learn how to use it: A programmable thermostat allows you to schedule automatic increases and decreases in your home’s temperature. This lets your house naturally warm (or cool in the winter) while you are at work or asleep saving quite a bit of energy use. Then when it comes time for you to actively use the house, the thermostat automatically adjusts the temperature of your home back to what you prefer. These devices save money on cooling in the summer and heating in the winter. Contact your electrician to install the thermostat.
   
   
7. Install a clothes rack in your laundry room (or, better yet, an outdoor clothesline): A clothes dryer can really eat up your energy costs, but it’s convenient for many people. Battle that convenience (and save money) by hanging a clothes rack or an outdoor clothesline. If you can hang up 20% of the clothes in a load, you can get away with running the dryer 20% less than before, saving you cash.

In Part II of this series, we will discuss the final seven tips to help you save money after purchasing your new home.