logo
This summer expense could cost you around $200 a month—6 tips to save

This summer expense could cost you around $200 a month—6 tips to save

CNBC24-06-2025
A rise in natural-gas prices and other factors will make air conditioning particularly pricey for Americans this summer, according to the Energy Information Administration's Short-Term Energy Outlook. The surge is expected to bring AC costs up by about 4%, costing the average American home around $186 a month, according to The Wall Street Journal.
New England residents are expected to face even higher charges, the Journal reports, with average monthly bills reaching around $200.
A higher-than-expected AC bill can sneak up on you. And while this summer's 4% uptick may not seem significant in comparison to other prices on the rise, it can interfere with your plans to allocate your summer spending elsewhere.
Experts say there are ways to save while still staying cool this summer. Here are their top tips.
Hot air seeping inward and cool air leaking outward can "destabilize the whole system," says Piero Caballero, senior product manager at Johnson Controls, a technology and energy company.
To prevent leaks, Caballero suggests scanning your doors and windows to look for gaps and cracks where air could potentially get through — especially if you live in an older home.
Tapes designed to seal those leaks can be a quick, cost-effective solution, Caballero says.
For a more comprehensive fix, "the best thing" homeowners can do is pursue a professional home energy audit for a thorough assessment of cracks, gaps and leaks, says Matt Malinowski, building program director at the American Council for an Energy-Efficient Economy.
The price of an audit typically ranges from $300 to $500, but varies greatly depending on the size and location of your home as well as the type of test needed, Malinowski says. You may also be eligible for a $150 tax credit to help cover the costs, he added.
Using a fan to make yourself feel cooler can allow you to reduce the temperature on your thermostat during peak hours of the day, Caballero says.
Fans don't use as much electricity as an AC system, Caballero says, so you don't need to worry that plugging one in will drive up your bill.
Malinowski adds that it's important to remember "fans don't cool space, they cool people," so they should always be switched off when you leave a room.
Just like a car parked in the sun on a hot day, your home can heat up if you don't close your blinds while you're away, Malinowski says.
If you're a homeowner with long-term environmental and budget sustainability goals, you may also want to consider planting trees that can provide natural shade and reduce heat, he adds.
Major appliances like your dryer, oven and dishwasher may produce more heat than you realize, Malinowski says, so it's best to keep them off during the hottest hours of the day unless you want your AC to work overtime.
Instead, consider cost-effective methods that leverage the summer heat — like using a clothesline instead of the dryer, Malinowski says.
You can help your AC system work most optimally by changing the filter on it every one to three months, depending on the specific system's needs, Caballero says.
"If you have a filter that is not clean it's going to put a lot of stress on your system," Caballero says, which means the AC will consume more energy and the system won't last as long.
Adding a visit from a professional technician to your annual maintenance checklist can also help you address system issues preemptively, Caballero says, preventing major breakdowns.
Smart thermostats can "do the work for you" by programming to turn on and off based on your schedule, Caballero says. If you have the option, you can purchase a smart thermostat for anywhere between $100 and $150, Malinowski says.
If you're moving into a new home and shopping around for heating and cooling systems, Malinowski suggests heat pumps as an alternative to central AC systems.
Heat pumps "can run in both directions," Malinowski says, providing you cooling in the summer and heating in the winter. Although they usually come with higher upfront costs than air conditioners, combining both your heating and cooling into one system can save you money long-term, he adds.
Heat pump systems are also more eco-friendly, Malinowski says, which can be a plus for those looking not only to save money, but also to live more sustainably.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Financial expert warns young Americans against ‘buy now, pay later' plans as shopping tactic growing in popularity
Financial expert warns young Americans against ‘buy now, pay later' plans as shopping tactic growing in popularity

New York Post

time23 minutes ago

  • New York Post

Financial expert warns young Americans against ‘buy now, pay later' plans as shopping tactic growing in popularity

'Buy now, pay later' plans are rapidly growing in popularity among young Americans, but not everyone is convinced they're a smart financial choice. Haley Sacks, a personal finance influencer with over a million followers online, issued a chilling warning about BNPL plans on 'Fox & Friends' Tuesday, calling the practice 'predatory.' Advertisement 'My take is that you should not use 'buy now, pay later' at all,' Sacks said. 'If you need to finance something, use a credit card and a lot of credit card companies have 'pay over time' options with 0% interest.' Sacks argued credit cards offer important benefits BNPL plans don't, such as consumer protection and the opportunity to build credit. 'Buy now, pay later' services let buyers split purchases into multiple installments instead of paying the full price upfront. However, if users aren't careful to make payments on time, they may face late fees. Advertisement 3 'Buy now, pay later' plans are rapidly growing in popularity among young Americans, where buyers pay with multiple installments instead of the full price upfront. Bloomberg via Getty Images 3 Haley Sacks, a personal finance influencer with over a million followers online, warns against the practice, calling it 'predatory,' and saying that it doesn't offer benefits like consumer protection that credit cards do. fizkes – They're expected to hit record transaction volumes this year after initially being marketed as lower-risk alternatives to credit cards. But financial experts warn that reliance on these payment plans can lead to overspending and a rapid accumulation of debt if consumers aren't on top of them. A LendingTree survey from April found that more Americans are using BNPL services for everyday essentials like groceries, and that 40% of users admitted to missing a payment on at least one loan in the past year. Advertisement 3 Experts say the plans can lead to overspending and debt if consumers aren't on time with payments. Bloomberg via Getty Images Factors that could be leading to the shift are elevated prices, high interest rates, and student loan payments, which resumed less than two years ago after a stop during the COVID-19 pandemic. Sacks says these factors are part of why these types of deferred payment plans have resonated with a struggling generation of young people. Advertisement 'Gen Z is facing so much inflation, wages have not kept up, and this is a way to actually be able to get things that you want,' she said. 'But of course, then you're paying the price.' According to the LendingTree survey of 2,000 consumers aged 18 to 79, nearly half of American adults have used a BNPL service such as Klarna or Affirm. Millennials made up the largest share, but Gen Z and Gen X weren't far behind.

Statutory Profit Doesn't Reflect How Good Labcorp Holdings' (NYSE:LH) Earnings Are
Statutory Profit Doesn't Reflect How Good Labcorp Holdings' (NYSE:LH) Earnings Are

Yahoo

time2 hours ago

  • Yahoo

Statutory Profit Doesn't Reflect How Good Labcorp Holdings' (NYSE:LH) Earnings Are

Explore Labcorp Holdings's Fair Values from the Community and select yours When companies post strong earnings, the stock generally performs well, just like Labcorp Holdings Inc.'s (NYSE:LH) stock has recently. Our analysis found some more factors that we think are good for shareholders. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. The Impact Of Unusual Items On Profit Importantly, our data indicates that Labcorp Holdings' profit was reduced by US$162m, due to unusual items, over the last year. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Labcorp Holdings to produce a higher profit next year, all else being equal. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Our Take On Labcorp Holdings' Profit Performance Because unusual items detracted from Labcorp Holdings' earnings over the last year, you could argue that we can expect an improved result in the current quarter. Because of this, we think Labcorp Holdings' earnings potential is at least as good as it seems, and maybe even better! And on top of that, its earnings per share increased by 72% in the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you'd like to know more about Labcorp Holdings as a business, it's important to be aware of any risks it's facing. Case in point: We've spotted 2 warning signs for Labcorp Holdings you should be aware of. Today we've zoomed in on a single data point to better understand the nature of Labcorp Holdings' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

End Times for Swiss Watchmakers?
End Times for Swiss Watchmakers?

Business of Fashion

time2 hours ago

  • Business of Fashion

End Times for Swiss Watchmakers?

Time's up. After Swiss leader Karin Keller-Sutter's last-minute dash to Washington failed to sway the American administration, President Trump's tariff on Switzerland came into effect this week, landing levies of 39 percent on every Rolex, Omega and Patek Philippe the country exports to the US. Just how bad is it? There's little nuance here: For some Swiss watchmakers, the chiming of the bells that ushered in new trading conditions with the US at 6am Geneva time on Thursday morning could prove a death knell. The US is by far the Swiss watch industry's largest export market, accounting for around 17 percent of its total exports by value. In real terms, in the first six months of this year that equated to exports worth 2.6 billion Swiss francs ($3.2 billion), around three times more than Japan, currently the industry's second largest export market. And let's not forget that 17 percent is effectively an average. For many watchmakers, big and small, the percentage of their business done in the US is much higher. So this is going to sting. The big question is who coughs up. The maker? The seller? The buyer? In April, when the initial threat of a 31 percent tariff was temporarily reduced to 10 percent, most brands said they would spread the cost between the three. Average retail prices jumped between 3 and 5 percent. That might not sound like much, but over the past few years, the industry has applied those kinds of hikes every few months, pushing retail prices rapidly up and consumer demand even more rapidly down. Some rises were due to macroeconomic factors, such as the strong Swiss franc (up 8 percent against the US dollar this year), soaring gold prices and continued uncertainty in global markets. Some, however, were opportunistic. Now, with a tariff almost four times what has so far been applied, the question becomes even more pertinent. Sidebar predictions that the full levy will be added to the price of a watch are surely off the mark, but brands across the spectrum have said they cannot simply absorb this in their margin. Nicholas Hayek Jr, chairman of Omega, Longines and Tissot's parent company Swatch Group, has been the most vocal. His business is already faltering, having reported a sales slump of 11.2 percent in the first half of this year. Richemont, LVMH and the rest — perhaps bar Rolex, although it doesn't publish results — are all recording similar struggles. For all, it's bad news at a bad moment. Prices will have to go up again — and by a chunk. And if prices go up in the US, they will likely go up everywhere else, as brands aim to balance out global pricing to prevent cross-market cannibalisation. Will the customer stomach it? The current trajectory suggests not. Swiss watch export figures released by the Federation of the Swiss Watch Industry indicate global appetite is still on the wane, following two years of decline. In May, Swiss watch export values dropped 9.5 percent. In June, they fell a further 5.6 percent. Exports to the US were particularly hard hit, down 25.3 percent in May and 17.6 percent in June, although those figures are warped by the effects of April's rush that saw makers increase exports to the US by 150 percent in a bid to front-load inventories before the tariff kicked in. Is any of it fair? While Trump will claim his so-called 'reciprocal tariffs' are entirely justified, it's hard to see it. There is no American high-end watch manufacturing industry or haute horlogerie culture to 'make great again.' Instead, there are hundreds of watch businesses in the US that depend on the flow of Swiss watches that will suffer because of this, quickly off-setting the uptick in import tax revenues. And as per a deal signed in January last year, 99 percent of US goods enter Switzerland duty-free. If there are any winners, they're likely to be in the pre-owned space, where sellers can expect interest to increase and an influx of bargain-hunters. But that will be no consolation to watchmakers. Swiss watch brands are up in arms, not least because the mighty Swiss pharmaceutical industry is exempt from the tariffs for now, despite accounting for more than half Swiss exports to the US, and despite the fact drugs can be produced practically anywhere in the world. To qualify as 'Swiss Made,' as Swiss luxury watches surely must, at least 60 percent of their value has to be added in Switzerland, according to law. Watchmakers cannot just bump production over the border and carry on as before. What happens next is unclear. Though the Swiss delegation to Washington this week failed to get the country out of Trump's headlock, the US president may yet change his mind. Then again, he may not, and if things stay as they are, for many Swiss watch companies this could spell end times. The clock is ticking.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store