3 New Year’s Resolutions for Smart Energy Consumers
With a new year just around the corner, many are beginning to think about personal goals that they hope to accomplish or behavioral changes they wish to make over the next 12 months.
If you have some energy-related goals in mind, such as improving your home’s energy efficiency or reducing your overall carbon footprint, now is the perfect time to start planning.
Let’s look at three resolutions you can make to be a smarter energy consumer in 2023:
1. Upgrade your home with Inflation Reduction Act incentives.
When the Inflation Reduction Act (IRA) was passed into law in August, it unlocked a new landscape for energy upgrades. If you’re considering making energy efficiency or electrification improvements to your home in 2023, first see what upfront incentives and tax credits you’re eligible for. These could make a huge difference in the total cost of the projects.
An online calculator from Rewiring America allows you to enter some basic personal information (such as income, household size and tax filing status) and see exactly which incentives and tax credits you quality for. It also estimates the annual power bill savings you could see by making the suggested upgrades, helping you see whether the changes will be worth it in the long run.
2. Make sure that you are on the best rate plan for your habits and usage.
Did you know that you likely have more than one way to pay for the electricity you use? While typically consumers have paid a fixed price per kilowatt-hour (kWh) of electricity that they use at home – no matter the time of day or how much they use at any one point in time – most consumers today have at least a couple of options to choose from.
Depending on your specific habits, you could save under a new rate plan, such as a time-of-use (TOU) rate or an electric vehicle (EV) rate – or it could end up being more costly. Regardless, it’s a good idea to contact your power company and see what options are available. They may have tools to compare your bills under different rates, and you can determine whether you should switch or remain on your current plan.
3. Take another look at electrifying your mode of transportation.
If you’ve thought about purchasing an EV in the past but decided against it, it may be time to look again in 2023. There’s a whole new landscape of EVs today, giving you a much better chance to find something that meets your needs and price range. There are now many electric trucks and SUVs and electrified versions of other modes of transportation, such as bikes and scooters, on the market, and many are much more affordable than in past years.
In addition, EV charging networks are growing rapidly, giving you many more places to charge conveniently. Charging companies, power companies, automakers and others have made great strides in building out charging networks in recent years, and the U.S. government recently bolstered these efforts with $1.5 billion earmarked for states to build out highway charging networks.
The new year looks to be rife with opportunities for you to become a smarter energy consumer, whether through electrifying your home, improving your energy efficiency, moving to a better rate plan, purchasing an EV or other ways. In addition to the three resolutions mentioned in this month’s blog, discover other tips and strategies in our past blogs here.