Talking About Green

With the high cost of utility bills, and the recent tanking of the economy, more people than ever are looking for ways to cut costs. One such way is by installing energy efficient appliances. But how much will you really save? And do the savings outweigh the costs of replacing your appliances? The answers aren’t as simple as you may think.

Savings by Appliance

Dishwasher

Because water is fairly inexpensive, the majority of the cost of operating your dishwasher comes in the form of electricity. By installing an ENERGY STAR qualified washer, you’ll use about 25 percent less energy and about 800 fewer gallons of water every year.

Refrigerator

An ENERGY STAR qualified refrigerator uses about 40 percent less energy than those old, clunky models many of us have in our homes. You can expect to save about $120 each year on your electric bill if you replace your old refrigerator with a new, certified model.

Clothes Washer

An ENERGY STAR qualified washing machine will save you an astounding 50 percent in energy consumption and over 8,000 gallons of water per year. If your washing machine is over ten years old, replacing it with a new model can cut your costs in half.

Is It Worth It?

Whether or not replacing your appliances will be worth it is dependent on the cost of the appliance versus the money you will save. For instance, if your refrigerator has breathed its last breath or you’re furnishing a new kitchen, spending the money on an ENERGY STAR qualified model will be well worth it.

However, if your machine is under ten years old and still has quite a bit of life left in it, replacing it may end up costing you much more than you would save. How long will it take you to realize a savings if you purchase an $800 refrigerator? You’ll have to perform the calculations to find this out. Generally, if the savings you realize will cover the cost of your unit within a few years, you should consider making the purchase. Remember: the older your appliance, the more energy it uses.

On average, if you buy a certified appliance, you can expect to reap the benefits of your purchase, by way of savings, in a few short years. Electricity rates will only rise in the future; we’ll never see them go backwards in our lifetime. If you are in the market for new appliances, it only makes sense to choose those that are ENERGY STAR qualified.

Further Savings

While you are searching for your next appliance, be sure to look for scratch and dent or floor models. Many times, these appliances are offered at a deep discount. If the scratch or dent is located where it won’t be seen, or even where you can live with it and it doesn’t affect the integrity of the appliance, buy the damaged goods!

Purchasing appliances that will save you money on your utility bills makes good sense. If you are looking for a new appliance, or multiple appliances, be sure to look for those that are ENERGY STAR qualified. You may pay a hundred or two more but you’ll quickly make that money back.

Thomas Hathaway is a financial consultant and content contributor to a payday loans site, which provides information and advances should you need money before your paycheck comes in.