Replacing appliances can be one of the larger expenditures you will make in your home, the planning of which can prove to be a daunting task simply due to challenges of setting a budget and deciding on whether the project is the best use of your family’s hard earned money. What if, instead of being an expenditure, the replacement of these appliances actually turned into an investment that allowed you to save money on a monthly basis? Better yet, what if the level of savings was enough to eventually cover a substantial percentage of the cost of purchasing the appliances that were a part of that project?
While it may sound too good to be true, buying ENERGY STAR rated appliances can do just that. Here’s how:
- According to ENERGY STAR, a household would save approximately $148 per year by replacing a standard sized refrigerator manufactured in 1990 with an ENERGY STAR rated refrigerator. The savings jump to $200 per year if a refrigerator from the 80’s is replaced.
- Replacing a dishwasher that was manufactured before 1994 can save about $40 per year, which covers saving in water and electricity usage. Replacing older models pushes savings toward $50 per year.
- According to the Department of Energy the cost of running an old furnace, especially in the colder areas of the country, can amount to about to about $1,000 per year, or about half of a household’s total expenditures on utility bills. An ENERGY STAR rated replacement furnace can cut the yearly energy bill by half, or about $500 per year.
With yearly savings of approximately $700 on just replacing these three types of appliances, a planned expenditure can start to look like an investment. Better still, households can achieve even more savings with the replacement of old clothes washers, air conditioners, and other dated appliances.