When we hear the word audit it’s often associated with a negative connotation. However, an audit does not necessarily have to be a bad thing – especially when it can save you some money. I’m talking about having an energy audit done at your home or business.
What an energy audit can do is let you know how much energy and utilities your home is using as well as let you know how much energy and utilities your home may be wasting. Of course, wasted utilities means wasted money. Let me give you an example from my perspective.
About 5 years ago my wife and I decided to have an energy audit done. We called our local utility provider and inquired about the specific programs that were available. Our utility company was more than willing to point us in the right direction and they recommended a third-party contractor that was qualified to do an energy audit.
The good news is that if we had the audit done and made the suggested improvements to our home, the utility company had a program where there would cover some of the costs of the improvements. We decided to have the audit done.
A few weeks later, the audit company came and did the audit. They ran an analysis of our home energy use, water use, etc. They also provided some free tips as well as some free items to help right away. These included sink aerators to reduce the water flow from our faucets and showers. I also went around and replaced all of the light bulbs with energy efficient bulbs.
Next came an estimate of the work that needed to be done. While the bill was a bit high, we did remember that our utility company would help with some of the costs. We agreed to have the improvements made. The improvements included insulating our basement and crawl space as well as blowing insulation into our attic. This increased the R-value substantially and we could feel the difference almost immediately (this was done during one of the hottest weeks on record).
Here’s the best part. When we did the break-even on the costs, it would take just over 3 years for the cost of the improvements to be paid for by the annual savings in utilities. Now, the improvements have not only paid for themselves, but the difference in savings allows us to allocate that money elsewhere (to retirement or college savings). Our home is much more comfortable in the summer and winter months, and we’re saving money.
Sterling Raskie, MSFS, CFP®, ChFC®
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