How your hot water heater can save you money

Looking for ways to save money on your energy bills? The answer could be as close as your hot water heater closet. Here are 5 tips on how your water heater can lower your energy costs:

1. Never turn on hot water when using cold water

The moment you switch on the hot water, even briefly, cold water flows into the hot water heater. This causes the water heater to run more, increasing your operating costs. This is true for both gas and electric water heaters. Saves $2-8 per month

 2. Turn down the water heater thermostat

120 degrees or lower is considered the optimal setting. For each 10-degree reduction you can save 3-5 percent in operating costs. Saves $1-8 per month

 3. Fix dripping faucets

When the hot side faucet drips, then cold water is constantly entering the tank causing the tank to heat up. By fixing these drips you can lower your energy bill and save up to 15 gallons of water a month. Saves $1-8 per month

 4. Wrap the tank with insulation

The US Department of Energy recommends 2 ½ “ fiberglass insulation. A blanket will run you about $25. Saves 4-9% operating costs

 5. Install timer

This works great for small households with low consumption habits and peak electricity pricing. Saves $10 per month