Ways to Save Money

In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...

Five Practical Ways to Save Money for Students

It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...

Six Simple Ways to Save Money

No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...

Save Money Without Feeling Poor

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...

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How to be Cost Effective When Buying a New Water Heater: Bottom Line, Save Money

Cost Effectiveness

The situation described in this article only relates to tank-type water heaters. Solar water heaters and tankless water heaters do not apply to this information.

You can do many things to keep an old heater going and make it last as long as possible. You could buy a new tank with the latest technologies. A new tank can be more effective than sprucing up the old water heater. Of course, simply repairing an old water heater could be far cheaper than doling out a lot more money for a new one. Which to do?

It's best to find ways to save energy and money with cheaper ideas like new low-flow showerheads, heat traps, insulation, vent dampers, or a water heater blanket. You could also adjust your thermostat down as well which is generally the cheapest way to save energy on a water heater. Ask a local plumbing service technician if having these devices installed is practical for your situation.

Maintaining old equipment saves the cost of new equipment, obviously. If you can double or even triple the life of your heater, you would save a bundle on not purchasing a new heater. The best thing to do is to perform money saving activities on your water heater and then with the saved money, you can upgrade to a new system. Upgrading to a new system such as a tankless system could save you even more energy and money on you electrical bill or gas bill. Also upgrading to an extremely efficient solar water heating system could save you the energy and gas bill almost completely, plus you'd receive a nice big tax credit on your income tax for the year.

In order to figure out the cost of a new water heater compared with keeping the old one we have to run the cost cycle analysis. A cost cycle consists of operating costs, fuel costs, lifetime potential, inflationary costs and purchase price.

To figure out the cost cycle you need the:

Purchase price
Cost of energy or your utility bill

The yearly energy cost to use the appliance which can be found on the EnergyGuide label. The energy guide label is located directly on the water heater and is supposed to be positioned so that it can be easily seen. It's not supposed to be facing the wall, but this does happen in the installation infrequently.

The estimated life of the appliance. For electric and gas water heaters that should be on average 13 years.

A discount factor which is adjusted for inflation. The discount factor is 0.83 for both an electric and a gas water heater.

The formula is as follows: Purchase price + Yearly energy cost + Estimated Lifetime x Discount number (0.83) = Cost cycle

This information is provided by the ACEEE (American Council for an Energy Efficient Economy)