The appliances that usually run quietly in the background account for around 13% of the cost of your electric bill. The fridge is one the biggest drain as it can cost you hundreds of dollars per year to operate. Replacing your older fridge with a modern, more efficient model will let you save a significant amount of money. This is possible even if you choose to invest in a new smart fridge. While you may have to pay for a hefty price upfront, the saving is enjoyed over the lifetime of your fridge. Whether you want to buy a standard, energy-efficient fridge or a smart one, read on to know how it can help you save money:
Through your Utility Bill
Replacing a standard fridge that is 3-4 years old with a new, energy-efficient model can reduce your utility cost. Energy-Star rated appliances are required to use a minimum of 20% less energy than the minimum guidelines for standard fridges. These days, the majority of refrigerators offer a breakdown of the estimated annual cost of operation, letting you compare your current model to the latest options available in stores.
A new fridge like the LG lrfns2200s has a layout and big capacity that make storing bulk purchase easier, letting you benefit from the weekly sales at your local grocery store Also, it makes it possible to stock up on your favourite products at warehouse-style stores. Some newer units even have an air purification system that keeps food fresher longer, minimizing waste and helping you stay on budget.
Cashbacks for Recycling an Old Fridge
In a lot of areas, fridges can be recycled for free or some cash as an incentive for proper disposal. On average, the cashback amount ranges from $50 to $100. You can also look for appliance stores that recycle old units and offer a discount on the new one. Often, this discount is around 10%, which will save you more money when buying a new one.
Rebates and Tax Credits for Buying a New Fridge
Energy-efficient or Energy Star-rated refrigerators can be claimed on your taxes, depending on the year. And your region. Although these benefits may not be always available, they let you get back almost 30% of the cost of the new fridge at tax time. Also, you may be able to get rebates for buying energy-efficient appliances. Just check out the current tax laws and rebates or visit the energy department website to get information on the money-saving options available to you.