Buying a new appliance can feel daunting. Before you hand over your hard-earned money, here’s how to choose an appliance that will help you save money over time.
When shopping, keep in mind that not all new appliances are high-efficiency and not all old appliances are inefficient. The less efficient your current appliance, the more you will save with an upgrade. The yellow EnergyGuide label on new appliances shows the yearly energy cost, kilowatt-hour electricity use, and Energy Star logo, if certified.
Let’s look at some appliance examples to see how the costs and savings stack up.
Refrigerators have seen major efficiency improvements over the years. New refrigerators use up to 73% less energy than 1970s models and about a third less than 20-year-old models.
If, for example, a 1980s fridge uses 2,000 kWh per year, at 14 cents per kWh, it costs $280 per year to operate. New Energy Star-certified refrigerator prices start at $500 with yearly energy costs ranging from $38 to $122. If you replace a vintage 80s model with a new Energy Star-certified refrigerator for $1,000 with $100 yearly energy cost — saving $180 per year — it will pay for itself in about 5 1/2 years.
If you intend to keep your old appliance, be sure to weigh the additional energy costs. Maximize efficiency and keep your food safe by setting your refrigerator to 37 degrees and your freezer at 0 degrees.
New Energy Star-certified clothes washers and dryers are also more efficient than older models. Use the Energy Star Product Finder at energystar.gov to compare products. Look at the Integrated Modified Energy Factor, which measures the washer’s energy efficiency. A higher number is better. For Integrated Water Factor, which measures water efficiency, a lower number is better.
Energy Star-certified front-loader washing machines use about 50% less energy and water than top-load agitator washers and about 25% less energy and water than top-load impeller washers that don’t have an agitator.
For example, a new Energy Star front loader might cost $700. Doing six loads of laundry a week at an electricity cost of 14 cents per kWh, the yearly energy cost would be about $15. Similar non-Energy Star-certified models are closer to $50 per year in energy costs and might not save you much up front, meaning they have lesser value over time.
At 14 cents per kWh and running roughly six loads a week for an hour each, an older clothes dryer might use about $130 per year in electricity.
A new Energy Star-certified dryer costing $700 has an estimated annual energy use at 607 kWh, which is $84.98 per year at 14 cents per kWh. With an estimated savings of $46 per year, the dryer would take 15 years for the savings to cover the price. That’s a long time and maybe not worth the cost, if your older dryer still works well.
To improve your washer and dryer efficiency, wash in cold water, don’t overdry clothes, and clean your lint trap between every load.
Just like the lightbulbs in your home, LED televisions offer increased efficiency. Energy Star-certified televisions are 34% more efficient than conventional models. If you have a working LED television, swapping to an Energy Star model is more efficient but may not make up for the cost of a new TV. Instead, check the efficiency settings on your TV or buy a smart power strip that turns off other connected devices when not in use.
Whatever appliance you are upgrading or replacing, make an informed decision by comparing the cost of operation and shopping Energy Star models to help lower your electric bills.