Saving money is in style these days, and one big area where it’s easy to save money without sacrificing your lifestyle is on your utility bill.  Here are 7 tips to get you started.

Install A Programmable Thermostat - I saved a ton of money when I got one of these installed in my house.  At night in the winter I’d let the temperature drop to 62 degrees.  I was under the blankets and warm so it didn’t matter how cool the rest of the house was.  However, it was programmed so that by the time I was getting up, we were back at 70 degrees like nothing ever happened.

Seal Leaks – While getting new windows is typically the best solution, it’s also not cheap.  You can put plastic over drafty windows and use weather stripping to keep your old windows from letting out all the hot (or cool) air from your house.

Get Rid Of Incandescent Bulbs – It’s time for a better light bulb.  While white light LED bulbs are likely the future, they’re still pricey.  However, compact flourescent bulbs last up to 10 times longer and use 75% less energy than your standard light bulb.  They cost a little more initially but they more than make up for it over the course of their life.

Close Blinds and Curtains In The Summer – Help your air conditioner out by keeping the sun’s rays out of the house and close your blinds and curtains.

Use Fans - Ceiling fans are great if you’ve got them, the breeze helps the room feel cooler when you’re in it allowing you to set the thermostat higher in the summer.  However, make sure to turn the fans off when you leave the room – fans cool people, not rooms.

Get An On Demand Water Heater - A lot of energy goes to waste keeping water hot for when you need it.  Consider getting a tankless water heater that will still provide all the hot water you need.  The difference is no water is stored, it heats the water up only when you’re ready to use it.

Upgrade your appliances - If you have old appliances like a freezer or refrigerator, consider upgrading.  My grandparents upgraded their 40 year old refrigerator this summer and saved $50/month.  At that rate, it doesn’t take long to see a savings.  If you have an old furnace or air conditioner, your savings could be even more dramatic – I got a 92% efficient furance and air conditioner a couple years back and in the peak summer and winter months, saved over $100/month.

If you are looking for an energy efficient way to bring hot water in your home, try an on demand electric water heater. What is an on demand water heater you say? An on demand water heater does not have a holding tank for water, and this has many advantages. Some will ask why is this better when there is no tank? How will it heat the water for a nice hot shower?

Okay this is how an on demand hot water heater works, whether it runs on electricity or gas. The unit doesn’t have a cumbersome tank, so it is far smaller than a traditional water heater, but not so small it doesn’t work well. You have a water intake connection, a hot water line out, and an electrical cord, or gas line if you choose. Inside the housing are two coils that fill most of the unit. The larger coil carries water through the system, and another coil is either wrapped around the first coil or right next to it. This smaller coil is the heating element. You have your thermostat controls, usually electronic to save on working parts.

Now while you do have constant pressure within the water coil, it only flows when you turn on the hot water. When this happens, a sensor is tripped and the heating element gets hot, heating the water as it passes through the coil which comes out as hot water. There isn’t a tank, so the water heats up as it flows through the system instead. When you are finished using the hot water, the flow stops, and the on demand electric water heating element also turns off, until the next time you use it.

If you are trying to conserve electricity, and living on a solar grid, an on demand electric water heater can greatly reduce the draw on your power grid. Even if you are still using municipal power, it can greatly reduce your utility bills, 10% or even more, depending on your usage. One of the significant ways it will save money is that it won’t be constantly turning on and off to keep a tank of water heated. You only use energy when you need it.

You can find many on demand electric water heaters online, and there are many companies that are found only on the internet. Many are quite reasonably priced under $1000 and in some cases under five hundred. For example, Bosch sells many inline hot water heaters for under $500, one sells for even less than $450. This is far cheaper than your conventional models.

Make sure that you buy an on demand electric water heater with the longest warranty you can find, usually the better warranty only raises the price around fifty dollars. If you are that worried about not having enough hot water on demand, then for these prices you could purchase two, one for close to bathrooms and laundry areas, and one in the kitchen under the sink to supply the sink and dishwasher.

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