Save money by saving energy
Learn how much you can save with the EcoLiving Home Energy Savings Calculator.
Juan and Maria moved to Edmonton, Alberta three years ago. The family was drawn to an older bungalow with a large backyard in a quiet neighbourhood.
The couple knew their home would need some work — the bathroom and kitchen were outdated but the home was comfortable and they loved the area.
They purchased the 1600-square-foot home from a woman who was raised in it. It had some insulation and an old furnace for heating.
Since moving in, they’ve added insulation to the basement and installed a high-efficiency natural gas furnace with a programmable thermostat. Then they started thinking about what to tackle next. As people that care about the environment, they want their house to be eco-friendly but, with a family, they need their renovations to make the biggest impact for the money spent.
The Scotiabank EcoLiving Home Energy Savings Calculator can help homeowners save money by saving energy — while at the same time reducing their impact on the environment. Based on the information provided by Canadian homeowners, the calculator selects the top three upgrades with the fastest break-even return. It also gives information on other upgrades that can reduce energy use, estimating return on investment and future savings, and even considering inflation for different energy sources.
The calculator also gives you information about your financing options. And, to help identify how much the upgrades could reduce your home’s eco footprint, the calculator estimates the carbon pollution reductions that they could achieve.
For Juan and Maria, the Scotiabank EcoLiving Home Energy Savings Calculator suggested they replace their remaining incandescent lights with CFLs or LEDs, their toilet with a low-flush model and their showerhead with a low-flow showerhead. The total cost: only $427 with a yearly savings of $317, meaning that these upgrades will pay for themselves in only two years. After 25 years they’ll have saved $7,925. These upgrades would also reduce their home’s carbon pollution by 1.42 tonnes, or the equivalent to diverting 533 kg of garbage from the landfill to recycling.
And if they wanted to do more, they could reduce the drafts in their house by air sealing around windows, doors, the attic, and any vents leading outside. According to the calculator, all the upgrades would cost them just $1,367, and pay for themselves within five years.
One of the main benefits of the calculator is that it recommends specific upgrades based on your own home — so it can help homeowners like Juan and Maria identify the questions they should ask their contractor, and which upgrades to prioritize.
With the money they will save on their utility bills, the couple plans to pay down their mortgage, meaning that this renovation will help them save twice: once on their energy bills and again on their mortgage interest.
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