Skip to main content
Mother and daughter in laundry room. Mother and daughter in laundry room.
June 08, 2022
Financial Freedom

Save Money by Going Green

 

Being environmentally conscious is an important focus across the country. Did you know that going green could also save you money? With just a few small changes, you can reduce your home’s expenses and contribute to making a meaningful impact on the earth. Below are some of the ways to be more environment friendly and beef up your savings account in the process.

 


 

Managing Utilities

 

Think about how much you spend each month on utilities such as water and power. For many of us, this is a sizable chunk of our budget that can sharply soar during the summer and winter months. By managing your utility usage, you can cut back on these costs and help protect the planet at the same time.

 

Water

Since water usage is a resource that you can actively monitor, better managing it makes a great first step towards going green. Most of the water used in households is dispensed from kitchens, bathrooms and laundry rooms. You can take simple actions to reduce water usage, like turning the faucet off while you are brushing your teeth, refraining from washing small loads of laundry and being mindful of how long you stay in the shower. These simple steps can even show up on your monthly water bill in a positive way!

Keeping an eye on the water usage outside of your home is also worth monitoring. For example, if you use a sprinkler system to water your lawn, try to remember to turn it off when there is rain in the weather forecast.

 

Power

Residential power usage depends on the day, time and localized weather for homeowners and renters. Below are a few ways you can help make an impact and save money on your monthly power bill.

  • Unplug devices and power cords when not in use.
  • Turn lights off when not in active use.
  • Use energy-efficient light bulbs.
  • Maintain your home’s insulation for heating and cooling stability.

Homeowners and renters who avoid unnecessary power consumption will help reduce the detrimental effects on the environment from the production of that power. In 2020, the U.S. Energy Information Administration reported that about 60% of total electricity generation was produced from coal, natural gas and petroleum. By reducing your consumption of these resources, you are also reducing the amount of combustible by-products, which contribute to greenhouse gases and poor air quality.

 

Consider Renewable Energy

 

Looking for more ways to save money on your utilities bills? Consider supplementing your home's energy usage with renewable energy resources, such as a geothermal heat pump, solar panels or residential fuel cells. The up-front costs to implementing these resources have significantly declined in the past few years allowing homeowners to see savings faster.

Homeowners may also be able to take advantage of federal tax credits for their renewable energy upgrades. A report from Energy Star lists the tax credit percentages and energy requirements of each resource as directed by the Consolidated Appropriations Act of 2021.

There's no doubt that going green is helpful to our environment, and you don't have to make the switch all at once or go off the grid completely. You can enjoy the many benefits gained by taking small steps like using less water or energy-efficient light bulbs. Your wallet and the environment will thank you for your mindfulness.

 

{"dialogBean":{"articleAbstract":"Being environmentally conscious is an important focus across the country. Did you know that going green could also save you money? With just a few small changes, you can reduce your home’s expenses and contribute to making a meaningful impact on the earth. Below are some of the ways to be more environment friendly and beef up your savings account in the process.","priority":"1","isFeatured":"true","isNews":"false","hideInBlogLanding":"false","trustmarkDate":"June 08, 2022","trustmarkExpirationDate":"June 30, 2024"},"pageTitle":"Save Money by Going Green","pageThumbnail":"/content/dam/trustmark/advice/Save-Money-by-Going-Green.jpg","pageTags":["trustmark:financial-freedom"],"pageTagTitles":["Financial Freedom"],"pageName":"save-money-by-going-green","pagePath":"/content/trustmark/trustmark/advice/2022/6/save-money-by-going-green","externalPagePath":"https://trustmark.com/advice/2022/6/save-money-by-going-green.html","fbAppId":"662611918413208","positioningBean":[{"layout":"small"},{"layout":"large-horizontal"},{"layout":"large-vertical"}]}