5 Cutting-Edge Technologies That Will Help You Save on Electricity

If looking at your utility bills is enough to make you grimace, you're not alone. Rising costs have encouraged many to look for ways to cut back on their usage of electricity. The growing cost has also made it more cost-effective than ever to invest in ways to save on power. After all, the more expensive energy is, the more money you stand to save by cutting back on your use, thus making it easier to get a return on the cost of your upgrade. Also, electrical panel replacement will help to save on electricity.

If that sounds like a great deal, here are some new technologies that can help you cut back your monthly payments to your electricity company.

1 - Home Energy Management Systems

Home energy management systems (HEMS) are revolutionizing the way people manage and monitor their household energy consumption. These systems provide real-time data on your energy usage, helping you identify which appliances are using the most power and when.

This insight can help you make smarter decisions about how and when to use electricity, as well as help you identify areas that are using too much power.

Don't want to spend a ton on a HEMS? With a bit more manual work, you can get a similar result using a smart power strip. Many of those can monitor energy usage as well. If your HVAC runs on electricity, you can either plug it into the power strip or invest in a smart thermostat to help you monitor the running cost.

2 - AI Price Comparison Tools

In states like Texas, where consumers can choose their electricity plans and providers, AI price comparison tools have been a game changer. Platforms like LowerEBill can greatly simplify the process of hunting for cheap electricity rates. This can result in thousands of dollars in savings each year, at least in parts of the world where the electricity industry has been privatized.

Comparing plans also makes it easier to save money by reading the fine print. For example, you may find that another plan has a similar peak hour rate to yours but offers a much lower off-peak rate. This means that if you manage to shift your high-energy activities — such as running the dishwasher or doing laundry — to these times, you may save a lot by the end of the month.

3 - Smart Plugs

As mentioned, smart power strips and smart plugs are a simple yet effective way to control and monitor your energy usage. These devices plug into your standard electrical outlets and allow you to control connected appliances via a smartphone app. With smart plugs, you can schedule appliances to turn off automatically when not in use, monitor their energy consumption, and even control them remotely.

For instance, if you often forget to turn off your coffee maker or space heater, a smart plug can be programmed to switch these devices off at a certain time each day. This not only prevents unnecessary energy use but also enhances safety.

4 - Small Solar Panels

Solar panels aren’t just for large installations on your roof. Small solar panels can be used to power individual devices or small systems within your home. These panels are particularly useful for charging batteries, powering garden lights, or even running small appliances.

As technology gets better and more accessible, these compact solar panels are only getting more efficient each year. They're also much easier to install and use compared to big roof installations. Remember, even if you start small — by only charging your phone with solar, for example — every bit of solar energy you generate and use is energy you don’t have to pay for.

5 - Modern Heat Pumps

Heat pumps are not a new technology; they have been around for several decades. However, their popularity has surged in recent years due to advancements in technology and increasing energy costs. It's hard to ignore heat pumps as an option when they can not only handle both heating and cooling but also do it up to 4 times more efficiently than traditional heating methods.

It's probably not cost-efficient to replace your shiny new HVAC system with a heat pump. However, if your systems are approaching the end of their service life, the efficiency jump you can gain by installing a modern heat pump may well be worth the cost. Especially if you live in one of the many areas of the world where the government is offering tax incentives and rebates to incentivize this type of energy-efficient upgrade.