The full effect of an energy efficiency upgrade could easily reduce your energy bills by 30% to 50%, depending on which specific changes are made. Every building is a little different, and there’s no guarantee on exactly how much you will save, but you will almost certainly save significantly on any major upgrades – perhaps to the tune of hundreds or even thousands of dollars every year!
The initial cost of upgrades may be substantial, but you have to look at it as an investment. It will pay for itself in so many months or years and then keep paying dividends for decades more to come. Plus, an energy upgrade will add value to your home in case you ever decide to put it on the market.
Also realize that there are ways to save on the improvements made and ways to qualify for federal tax credits, state incentives, and local gas or electric company rebates based on the energy upgrades you’ve invested in.
One great tax credit you can often claim is from Energy Star. You can learn more by visiting the Energy Star website: https://www.energystar.gov/about/federal_tax_credits. Or you can contact the IRS directly and ask for Form 5695: call 1-800-TAX-FORM (800-829-3676) or visit https://www.irs.gov/uac/tax-credits-available-for-certain-energy-efficient-home-improvements.
Yes, improvements you make to your home that are already saving you money and saving the planet can also save you money on your taxes!
To learn about specific rebate and incentive programs in your local area, contact SoCal Gas (https://www.socalgas.com/save-money-and-energy/rebates-and-incentives) or your local electric provider. Or, a customer service representative here at Pure Eco can assist you in wading through these program details and helping you understand how to qualify, how to successfully apply, and how much you likely will save!
For a modest example, let’s say you saved only $50 a month due to energy upgrades (though many people save much more). That’s $600 per year, $6,000 over 10 years, and $24,000 over the next 40 years. If you save $100 a month, double all those figures. Looked at this way, it’s easy to see that energy savings “pennies” really do add up!
Plus, don’t forget that the upgrades and equipment that increase energy efficiency also are generally more durable and in less frequent need of costly repairs. And even your building itself will fare better over the years and decades due to controlled ventilation and proper insulation. That means you’ll really save thousands more than even the above figures showed.
Now, what about the environment? You help to save that too. It won’t be as obvious as the reduction in your monthly energy bill, but realize that the less energy you use, the less fossil fuels are burned to create that energy. Those dollars saved also can be “translated” into a cumulative carbon footprint reduction that is quite significant when continued for the long term.