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How to Manage and Reduce High Energy Bills

Why Is My Energy Bill So High?

Paying monthly energy bills can be a burden, especially when they are unexpectedly high. Several factors could be contributing to a higher-than-usual energy bill:

Energy Prices Are Rising

Even though wholesale costs of electricity and natural gas are projected to drop, these savings don’t always reflect on your energy bill. Energy providers are investing heavily in modernizing systems and protecting infrastructure, passing these costs on to consumers.

Outdated Appliances

Older appliances consume more energy. For instance, an older refrigerator uses 35% more energy than an Energy Star certified model. Upgrading to energy-efficient appliances can save you money in the long run.

Air Leaks in Your Home

Gaps in door and window frames, leaky ducts, or poorly insulated areas can cause hot or cool air to escape. Conduct an energy audit to identify and fix these leaks.

Increased Energy Usage

Changes in lifestyle, such as working from home or having more people in the house, can increase energy usage. Unusual weather patterns can also contribute to higher energy consumption.

4 Ways to Pay a High Energy Bill

A surprisingly large energy bill can disrupt your budget. Here are four options to manage it:

1. Seek Financial Assistance

Contact your energy provider for financial assistance programs. You may qualify for repayment plans, energy assistance funds, or discounts through state and federal programs.

2. Tap Your Emergency Fund

If you don’t qualify for financial assistance, consider using your emergency fund. Ensure to replenish it for future unexpected expenses.

3. Cut Back Elsewhere

Review your monthly budget and look for areas to cut back, such as food, transportation, and entertainment costs. Reducing recurring expenses can also help.

4. Pay With a Credit Card

While you can pay your energy bill with a credit card, be cautious. If you can’t pay off the balance in full, interest will accrue, making the bill even costlier.

How to Reduce Your Energy Bill

After dealing with a high energy bill, take steps to prevent it from happening again:

Install a Programmable Thermostat

These devices allow you to adjust temperatures automatically, saving up to 10% on energy costs.

Maintain Home Systems

Regularly service your air conditioning and heating systems to ensure they run efficiently.

Reduce Electricity Use During Peak Hours

Energy companies charge more during peak hours. Use electricity during off-peak times to save money.

Shop Around for Energy Providers

In deregulated states, compare prices from different providers to find the best deal.

Use Natural Methods

Utilize trees, awnings, and curtains to keep your home cool in summer. Open windows and use fans to draw in cool air during cooler times of the day.

Monitor Your Energy Usage

Set up alerts with your utility company to get notified when your energy usage is projected to surpass your average.

Contact O1ne Mortgage for Your Mortgage Needs

If you need assistance with managing your finances, including mortgage services, contact O1ne Mortgage at 213-732-3074. Our team of experts is here to help you navigate your financial needs with ease.

Frequently Asked Questions

How Much Is the Average Energy Bill?

The average energy bill varies depending on location, energy usage, and other factors.

How Do I Get Help With a High Energy Bill?

Contact your energy provider for financial assistance programs or explore state and federal assistance options.

Does an Unpaid Energy Bill Affect My Credit Score?

Unpaid energy bills can affect your credit score if they are reported to credit bureaus.

The Bottom Line

Managing and reducing high energy bills is possible with the right strategies. For any mortgage service needs, reach out to O1ne Mortgage at 213-732-3074. We’re here to help you achieve financial stability.

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