Yahoo Finance 10 Common Appliances: How Much They Add to Your Utility Bill Every Month
Energy costs, especially electricity, make up a significant portion of monthly household spending. Electricity powers many of your household’s important appliances, but exactly how much does it cost to run them?
How To Survive on $500 a Month: A Frugal Living Guide
Learn: 3 Things You Must Do When Your Savings Reach $50,000
According to the U.S. Energy Information Administration, residential electricity bills increased by 5% in 2022 after adjusting for inflation, rising from $121 a month to $137 a month. This is the largest annual increase in average residential spending since the EIA began calculating it in 1984.
In October 2022, SaveOnEnergy conducted a survey of 1,012 homeowners and found that 62% experienced an increase in energy prices, and of the homeowners who noticed an uptick in energy rates, 87% attempted to reduce energy costs by turning off lights, switching to more efficient light bulbs, unplugging unused electronics and investing in energy-efficient appliances.
How much energy appliances use can vary widely. MoneyTransfer.com compiled a cost estimate of how much it costs to run common household appliances each month. The biggest energy users are air conditioning units, costing up to $1,062 per year if used for eight hours per day. Conversely, LED lightbulbs are the cheapest to run, costing an average of $0.29 per month (assuming lights are on for four hours per day).
Based on an average cost of $0.18 per kilowatt hour (kWh), here’s how much it costs to run 10 common appliances every month:
Air conditioner (8 hours per day): $88.56
Electric heater (2 hours per day): $10.80
Dryer: $8.64
Washing machine: $6.48
Dishwasher: $4.86
Video game console: $3.89
43″ LED television (5 hours per day): $1.93
Coffeemaker: $1.66
Laptop (5 hours per day): $1.22
Microwave: $0.86
Read: 10 Luxury Items Rich People Won’t Buy
To help you cut costs, MoneyTransfer.com recommended swapping out air conditioners for electric fans in the summer and putting on extra layers of clothes to stay warm in the winter instead of using electric heaters. Additionally bulk washing laundry one or two days a week and running appliances during off-peak times, typically during the night or early morning, can also help you reduce your energy bills.
More From GOBankingRates
Use This Checklist To See Whether Your Bank is Costing You a Lot of Money
4 Signs You Will Need To Save an Extra $5,000 in 2024 -- and 3 Ways To Do It
This article originally appeared on GOBankingRates.com: 10 Common Appliances: How Much They Add to Your Utility Bill Every Month
