Here are your FOX Business Flash top headlines for March 11.
The pandemic drove a massive shift to Work From Home (WFH). That means Americans are plugging in more devices, using more energy, and facing higher energy bills.
The percentage of people working from home in the U.S. rose from 5% to 37% during the height of the pandemic, according to the Harvard Business Review.
And after COVID struck in early 2020, residential electricity consumption rose almost 8% in the April-December period that year, while commercial and industrial usage dropped by 6.9% and 8% respectively, according to a report (PDF) by Steve Cicala of Tufts University.
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“American households spent nearly $12B in excess residential electricity consumption…and an additional $1B on natural gas,” the report said, adding that electricity expenditures were $130 higher per customer for utilities serving one fifth of U.S. households.
Sky-high gas prices now have to be factored in too.
“I would expect that gasoline prices have increased more than electricity prices over the past year,” Tufts’ Cicala told FOX Business in an email.
Here are some tips to reduce your energy consumption:
Change your home energy plan, take more control:
If you can be flexible when you use electricity, a Time-Of-Use plan may be a good option.These plans allow you to shift energy usage to times when demand is down and costs are less, lowering your bill. For example, prices are higher during peak usage, typically from 4 p.m. to 9 p.m., while prices drop during off-peak before 4 p.m. and after 9 p.m.
Slay the energy vampires:
These are things that are always plugged in but not always being used. Home office devices are major culprits. That includes computers, charging devices, modems, routers, displays, big-screen TVs, cable and satellite boxes, and surround sound systems. When you’re done for the day, unplug electronics. These devices can account for as much as 20% of your monthly electricity bill, according to Duke Energy. Electric utility SRP of Arizona has a chart that shows how much each kind of device can cost you annually.
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Use a smart power strip:
Traditional power strips will continue to use energy when devices are plugged in. Smart power strips will cut power off since they are able to detect when a device is in standby mode.
Smarter ways to heat, cool, and light your home:
Air conditioning and heating are the biggest energy users, according to the U.S. Energy Information Administration. Followed by lighting, refrigerators, TVs, and clothes driers.
Use a programmable or smart thermostat to program the times to turn on heating or air-conditioning. Or just take proactive steps such as setting the thermostat in the winter lower while you’re away from home. The same logic applies to air conditioning in the summer. And if your workspace is in a separate room, consider using a space heater in the winter or a fan in the summer to help regulate the temperature. Both can be more energy-efficient than cranking up central heating/AC. Another tip: though LED lights cost more, they’re energy-efficient. Energy Star-rated residential LEDs use at least 75% less energy, and last up to 25 times longer, than incandescent lighting, according to the Department of Energy.
Auxin Solar CEO Mamun Rashid discusses tariffs on solar panel imports, says US gives up ‘energy dependence’ for solar panels manufactured in other countries.
Consider solar:
Solar can cut energy costs – and even generate cash – but the lead time can be substantial because the upfront cost can be high. The average cost of solar panel installation is about $20,000 (which includes panels, other related hardware, labor). That said, depending on where you live, tax credits and subsidies can be substantial, lowering the cost significantly. And if you’re planning for the long haul, it should eventually save you money. You can check out cost estimates here and here.
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Do a home energy audit:
A professional home energy audit (PDF) will determine your energy usage and provide concrete steps you can take to make your home more energy efficient. Some improvements, such as better home air sealing and insulation, may cost you money up front but offer big savings over the long term.
