For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come.
3 MONEY-SAVING GREEN UPGRADES
Dated: January 6 2020
Going green is great for the environment, but that’s not the only benefit. When you make green upgrades in your home, it can also lead to some major savings.
- Solar panels: The upfront cost is big, but the long-term savings are huge. Solar panels will cost several thousand dollars to install, but ongoing maintenance costs are very low, and a typical system could save you hundreds of dollars per year. You can even sell your surplus electricity.
- Wood furnace: Wood-burning furnaces are relatively inexpensive, and though the yearly savings aren’t as dramatic (about 10% on heating bills), it adds up over the long run. Insulation: There’s a good chance your insulation isn’t very efficient, especially in older homes. Look into installing floor, cavity, wall, and loft insulation to reduce your heating bills.
- Geothermal system: OK, so the price tag is scary at first. A geothermal system uses the earth’s temperature to heat and cool your home, but can cost $30,000 to install. But tax credits allow you to get a lot of that money back, and the energy savings average about $1,900 per year.If you plan to be in your home for a decade or two, it’s a great investment.
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