Advice for today Personal and business finance

Why it’s time to hop on the energy-efficient bandwagon

Learn just how much you could save on energy costs with these practical tips for homeowners.

Carissa Lucreziano May. 25, 2021 3-minute read

Follow me on LinkedIn Opens in a new window..

What’s all this hype about energy-efficient homes? Let me tell you. An energy-efficient home lowers your overall energy consumption, thus reducing your greenhouse gas emissions so you can be kinder to our planet. At the same time, you also save on energy costs and may even be eligible to receive financial support from the government in your energy-efficient endeavors! Now that’s what I call a win-win.

Here’s the scoop

Right now we’re spending a lot of time at home, so it makes sense that you want your home to be as comfortable and efficient as possible. There are a myriad of ways you can start reducing your energy consumption right now. A few small changes can add up to significant savings.

Did you know?

About 90% of the energy a washing machine uses goes towards heating the water rather than washing the clothes!¹

In addition to using cold water in your wash and rinse cycles, some other easy swaps include programming your thermostat on a set schedule, using a toaster oven or microwave rather than your stove, running major appliances during off-peak hours and plugging devices into switched power bars rather than the outlet. For more easy hacks, check out the CIBC guide to home energy savings.

If you want to save big on energy costs, then replacing your appliances with more energy-efficient versions is the way to go. Doors and windows can also be a significant source of energy loss, so if you have the budget, you may want to consider upgrading them to save big on energy costs.

How much money can you realistically save?

Here are a few examples of much you could save by making the switch to energy-efficient options:

Action	Estimated savings^{2, 3, 4, 5}
Switching to an energy-efficient washing machine	Save 33% in energy costs and 50% in water costs
Switching to an energy-efficient dryer	Save 20% in energy costs
Switching to an energy-efficient refrigerator	Save 15% in energy costs
Switching to an energy-efficient freezer	Save 10% in energy costs
Switching to an energy-efficient dishwasher	Save 12% in energy costs and 30% in water costs
Switching to energy-efficient windows	Save 20% in energy costs
Switching to energy-efficient doors	Save 15% in energy costs
Using cold water rather than hot water	Save 18% in energy costs
Installing a programmable thermostat	Save 10% in energy costs

Ready to hop on the bandwagon? Here’s what to do next:

Start with a home energy audit. It involves having a professional inspector assess your home’s energy sources. They’ll recommend ways you can improve your energy efficiency and it’s your choice on which ones you’d like to implement.
Check out this tool by Natural Resources Canada Opens in a new window.. It allows you to search for financial incentives specific to your province and may help you fund the cost of these home improvements.
Look into discounts offered by your local energy company. For example, some offer programmable thermostats for free and other may offer discounted energy costs when you run major appliances during off-peak hours.
If you’re looking into major home renovations to reduce your eco-footprint, you may want to consider the CIBC Home Power Plan® to help fund the renovations.

Why it’s time to hop on the energy-efficient bandwagon

Here’s the scoop

Did you know?

How much money can you realistically save?

Ready to hop on the bandwagon? Here’s what to do next:

More helpful resources