As energy and gas prices continue to rise as we head into the cold winter months, it may be time to put your home equity line of credit to good use to lower your monthly bills.
- Replace kitchen appliances. If you currently have mismatched appliances that are 20 years old, it’s definitely time to replace them. New appliances are more energy efficient, and if you are putting your house on the market, buyers expect a matching suite of appliances.
- Add an extra layer of insulation. Newer homes are often well insulated, while houses several decades old may benefit from an upgrade. The attic area may be the biggest culprit of heat loss since hot air rises.
- Install new doors and windows (or improve your current ones). According to the Energy Star program, homeowners can save up to 20% on their heating and cooling costs by sealing air leaks. Newer windows do a much better job of not allowing much hot or cold air to escape.
- Install a programmable thermostat. Having a programmable thermostat enables homeowners to set their climate control systems so they can achieve an optimal temperature for a minimal cost. Turn down the temperature when nobody is home or when everyone is in bed.
Plus, there may be tax benefits, such as the interest being tax-deductible when making substantial home improvements. Please consult a tax advisor before proceeding.
To learn more about home equity loans and lines of credit and the possibilities they could offer you, click here.
Pioneer and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.