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Appliance World

Understanding Energy-Efficient Appliances

As technology continues to break new ground, energy-efficient appliances are paving the way for a more advanced, eco-friendly future. Homeowners can stand to save a lot of money by switching over to more energy-efficient appliances, but it’s important to know what to look for. Take a few moments to learn more about greener appliances and how they can help you save money in the long run.

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What Makes an Appliance Energy Efficient?

Appliances earn an ENERGY STAR® rating when they meet certain efficiency standards. These appliances are often clearly labeled to show their expected energy savings over one year. The EPA screens all ENERGY STAR products through a stringent certification process. Be wary of products that claim to be energy efficient if they don’t carry the ENERGY STAR logo. 

Calculating Potential Savings From Energy Star Appliances

Homeowners have saved an estimated $23 billion in 2019 alone thanks to the lower costs of running ENERGY STAR appliances. Replacing appliances that consume the most energy like heat pumps, washing machines or refrigerators yields the highest amount of potential savings. Carefully check the label of an appliance before purchasing to determine the projected amount of electricity it consumes per kilowatt-hour.

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Tax Credits for Energy-Efficient Appliances

Estimates find that more efficient appliances will ultimately save Americans over $2 trillion on monthly energy costs over the next 14 years. Various tax breaks and incentives are available to help cover the cost of purchasing energy-efficient appliances. For qualifying products, homeowners can receive a tax credit of up to 10 percent on upgrades to water heaters, stoves, boilers and more. There are also tax credits offered to cover up to 30 percent of residential renewable energy investments like solar panels or small wind turbines.

With the help of energy-efficient appliances, homeowners can save a considerable amount of money on their energy costs every year. Take advantage of the many tax incentives available to help with the initial investment of these upgrades. Aside from reducing your monthly bills, improved appliances will help create a more sustainable future for everyone.