How to Lower Your Summer Air-Conditioning Bill
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Here's your Money Briefing for Wednesday, June 15th. I'm J.R. Whalen for The Wall Street Journal. Much of the nation currently is in the grip of a heat wave. But before you click on the AC, you might want to brace yourself for the higher cost that'll come with staying cool this summer. So what can you do to save on energy costs?
People should have their air conditioners and ASTRAC equipment tuned up. You should replace filters to keep your AC from doing extra work.
On today's show, our personal finance reporter, JJ McCorvey, joins us with more steps you can take to lower your monthly electricity bill. That's after the break.
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How will summer heat waves and inflation affect your electricity bill?
Millions of Americans are sweltering under a record-breaking heat wave, and we're still about a week away from the first day of summer. That means not only is your air conditioner or HVAC system going to get a workout, so is your bank account. Electricity prices have risen an average of 12% in the past year and are expected to go even higher. So what steps can you take now to help keep your monthly energy bill down? WSJ personal finance reporter J.J. McCorvey joins us to talk about it. Hey, J.J., thanks for being here.
Thanks as always for having me.
So, JJ, there's an analysis from the National Energy Assistance Directors Association saying the average American household could expect a roughly $90 increase in their electricity bill between June and August compared to a year ago. What's driven those costs up so much?
Yeah, JR. So just about every expert I've talked to referenced the war in Ukraine and how it has driven up the price of natural gas, which is used in about 40% of the electricity generation in the United States. So that's a factor. But also, where someone lives can also be a factor. So some utilities, such as those along the eastern seaboard and the Gulf of Mexico, are are more dependent on natural gas for electricity generation. So you combine these hotter temperatures with the cost of natural gas, and you get some pretty expensive AC bills.
Okay, so let's talk about ways that people can get ahead of more hot weather coming this summer and rein in their electricity costs. What adjustments should they make to their air conditioning system?
I spoke to Barton James, who's the president and CEO of the Air Conditioning Contractors of America, and he told me 90% of consumers wait until their HVAC systems break down to replace them, which means that they were not maintaining them to begin with. So people should have their air conditioners and HVAC equipment tuned up. You should replace filters to keep your AC from doing extra work. People should also consider hiring a technician to perform a process called a manual J, which calculates the amount of heating and cooling output required for your home. So it takes into account factors such as the size of your home, and where walls and windows are. And Mr. James also introduced me to a study recently that showed that improper HVAC installation can lead to a 30% increase in energy use.
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