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Great ideas for cutting your heating bills

Home heating prices have skyrocketed in recent years, leaving people scrambling to find ways to cut their energy expenses. Given the soaring cost of fuel in recent months, there’s good reason to believe that this year will be another expensive one.

The Maryland Association of CPAs advises that there are several ways to conserve energy and lower your heating bills, without sacrificing your own comfort. Here are some of their timely suggestions.

Watch your thermostat

Many people make the mistake of setting their thermostat once when the cold weather arrives and then forgetting all about it. If your house is the same temperature 24 hours a day, then you’re almost certainly wasting money on fuel costs. It’s a good idea to lower the temperature when you’re out during the day and at night. That simple step can make a significant dent in your expenses. You can do this yourself or install a programmable thermostat, which you can set to raise and lower the temperature at different times of day.

Consider also lowering the temperature a couple of degrees overall. You probably won’t notice the difference, and it will help to minimize your heating bills.

Put your curtains to work

The sun can be a powerful heating source, so make use of it in your home. Opening your curtains during the daylight hours lets sunlight in to warm your house. When you close them at night, you conserve the warmth that natural light and your home’s heating elements have supplied during the day.

Plug those leaks

Some of the greatest heat losses in older homes are due to undiscovered air leaks. The gaps around windows and doors, for example, allow heat to escape and cold air to seep in. Caulk and weather-stripping or storm windows can solve the problems, but you may want to consider replacing older, chronically leaky windows or doors with new energy efficient models. These purchases may pay for themselves if they provide better insulation and prevent leaks.

Windows and doors aren’t the only culprits, however. You might also be losing heat through openings around plumbing pipes, through the fireplace if the dampers aren’t properly closed and through electrical outlets and switches on exterior walls. Check all of these places for drafts as the winter weather sets in. Your local hardware dealer should be able to provide advice on how to address each problem.

Keep it covered

Insulation is an excellent defense against heat loss, especially in the attic of an older home. By installing proper insulation, you can prevent heat from rising up to the top floor and seeping out through a leaky attic.

In addition, covering your water heater with an insulating “jacket” will keep the warmth inside the heater. It’s also a good idea to wrap exposed water pipes, especially those that are in an uninsulated basement. These steps make it possible to conserve the warmth you’re paying for, rather than letting it leak out into the air.

Consult your CPA

These are some of the many smart steps that you can take to reduce your heating costs. Your local CPA can offer more advice on smart ways to make your dollar go farther. Consult him or her with any questions on issues that affect your family’s finances.

Only CPAs are equipped to address your full range of financial needs with integrity and insight. In Maryland, CPAs must pass a rigorous two-day examination, adhere to strict ethical and professional standards, and, beyond college, complete 80 hours of continuing education every two years to be certified by the state — accountants do not.

Your doctor is certified; your lawyer is certified. Make sure your accountant is a certified public accountant.

For CPA referrals in your area, contact the MACPA at (410) 296-6250 or click here.

The Maryland Association of Certified Public Accountants (MACPA) is a statewide professional association that provides leadership, information and services for its nearly 10,000 CPA members, who are employed in private practice, industry, government and education. CPAs are business and financial professionals who have passed a rigorous two-day examination in order to be licensed by the state. CPAs are committed to protecting the public interest, and must adhere to stringent ethical and professional standards and continuing professional education requirements.