Looking to make a wise investment in your home? There’s no better upgrade than a renovation that promises a princely ROI. From a brand new high-efficiency furnace to improved insulation, these are the renovations that on the outset may not seem so glamorous, but in time, will practically pay for themselves.
Introduce Smart Home Technology to Your Home
Introducing smart home technology systems to your home will allow you to track your weekly, even daily usage of electricity, heat and gas. Not only will those daily updates encourage you to use less (and save more). As little as a one-degree difference during the winter can save you 5 per cent on your heating bill! The systems also allow you to make adjustments remotely, so you won’t get dinged if you forget to turn your AC off before leaving the house on a vacation…you can turn it off sitting in the airport lounge!
Arm Your Home with a Security System
Did you know that investing in a home security system qualifies you for better home insurance rates? Depending on the quality of the system you invest in, you can save as much as 2 to 20 per cent!
Invest in Solar Panels
Currently, Canadians aren’t entitled to tax credits for installing solar panels, but residents can still enjoy the benefit of reduced electricity bills (not to mention the ethical pride of relying on a renewable energy source!).
Install New Windows and Doors
Faulty windows and doors that allow air to sneak out are costing you loads of money! After getting your windows tested and determining that they are indeed leaking, replacing them will show a dramatic difference in your heating and AC needs, thereby cutting down your monthly bill.
Install Water-Efficient Fixtures
Don’t trust yourself to monitor your water usage? Installing water-efficient fixtures (which includes faucets, showerheads and even toilets) will reduce water usage by at least 20 per cent. That may not seem like much, but consider how much you’d save over the course of a month.
Install a Tankless Water Heater
A condensing tankless water heater will only heat water when you need it and offers efficiencies as high as 99 per cent. A standard efficiency natural gas storage tank water heater is only about 50 per cent efficient. Therefore a tankless model is a great option if you’ve got limited space and want maximum efficiency. A tankless water heater will take a minute or so to deliver hot water. So, on a scale of no savings to big savings, how patient can you be?
Install a Ceiling Fan
AC is great for those unbearably hot, sweating-when-you’re-sitting-still summer days, but depending where you live, you might be able to get by for the most part with ceiling fans. Just think of what your AC bill would look like for a handful of days compared to an entire summer.
Energy Efficient Appliances
The efficiency of your appliances will have the most meaningful impact on your monthly utility bills. Whether your dishwasher uses excessive amounts of water, or your furnace is using more gas than necessary, malfunctioning appliances are draining more than just energy, they’re draining your bank account, too. Upgrading to a laundry machine that uses 25 per cent less energy, and nearly half the amount of water of a typical washer will save you money (and extend the life of your clothing!). And an energy efficient freezer will use less energy than a 60-watt light bulb! You’ll easily recoup the expense of new appliances in a matter of years!