Eligo CEO Alexander Goldstein has “5 Money-Saving Tips to Beat the Heat” in Money Magazine

Know the Peak Hours

Many energy providers are switching to advanced metering infrastructure, known as smart meters, which can charge different rates for energy used during peak hours. In fact, about 51 million residential units have been installed so far in the U.S. in states like California, Texas, Florida, Oklahoma, Arkansas and Maryland. For most people, peak hours tend to be between 9 a.m. and 9 p.m. “For the same usage, you’re better off running the dishwasher after 9 o’clock and plugging in chargers overnight as well,” says Alex Goldstein, CEO of Chicago-based retail energy provider Eligo Energy.

PSE&G, which serves as New Jersey’s largest utility, expected daily demand for electricity to soar to 8,937 megawatts Wednesday, with the demand growing each day after that if temperatures remained in the 90s. The utility hit its record high on Aug. 2, 2006 with 11,108 megawatts consumed.

Temperature is Key

For every degree you lower the temperature in your house, you raise your bill by up to 6%, according to electric utility Eversource, which provides service to customers in Massachusetts, Connecticut and New Hampshire.

For the most part, setting your thermostat at 78°F in the summer is optimal, especially if you’re using a fan to circulate the air, according to Consumer Energy Center. When you leave the house, instead of turning your air conditioner off completely, increase the temperature to 85°F. If you turn off your HVAC unit completely in a large house, it can take additional energy cooling it back down and could cost you more than if you had just adjusted the temperature.

Maintain Your Equipment

It can really save you money to check and replace the filters in an air conditioner or HVAC system regularly. Over time, they clog up and end up using more power to achieve the same cooling affect. Goldstein recommends changing filters every six months.

It can also be cost-effective to replace old appliances with energy-efficient ones, usually labeled Energy Star, according to Con Edison, which supplies energy to New York City residents.

Continue reading at Beat the Heat

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