How to Save Money on Electricity

Stop wasting energy and money by paying attention to your habits and home.

3 min read

Paying for energy might be a necessity, but you can still lower your expenses by making small changes. At N26, we want to empower you to take control of your finances, and that means helping you find ways to spend less on your monthly bills — so you can save more money for the things that matter to you.

Most people actually waste electricity (and money) every month just because they aren’t paying attention. Lights are left on and hairdryers stay plugged in. Others simply don’t realize that little things like LED light bulbs can have a significant impact on their electric bill.

But you have the power to stop paying too much for energy right now. Begin by taking a look at your recent electric bills to see how much you actually spend, and how it fluctuates between seasons. Now you know your starting point so you can track your savings in the future.

Saving money on electricity 

Be proactive about conserving electricity with the choices you make in your day-to-day routine, from running the dishwasher to charging your smartphone.

  • Start by figuring out how much you’re spending. See how much money you’re paying each month on your electric bill. You can review your statements, or check the N26 app which automatically categorizes your expenses for you. Once you know where your money is going, you can identify areas where your spending is high, and come up with a plan for cutting back.

  • Unplug your devices when not in use. Whenever an electric device is plugged in, it’s consuming power even if it’s turned off. Unplug lamps, toasters, coffeemakers, fully charged devices, and anything else that you aren’t using. Power down your laptop or desktop computer instead of just letting it go to sleep.

  • Check the seals on your windows and exterior doors and replace if necessary. That rubber stripping prevents air from seeping out, and even a small leak can cost you.

  • Turn off the lights. Leaving the lights on when you don’t need them is like throwing money away. If you have a multiple-light fixture (like a fan with four bulbs), you may be able to remove a bulb or two and not notice much difference in the brightness.

  • Swap out your bulbs. Choose LED bulbs with the Energy Star label to reduce your overall energy usage. They’re more expensive upfront, so begin by replacing the lights that you use the most.

  • Be strategic with your large appliances. Larger appliances can guzzle electricity. Try setting the temperature of your fridge and freezer a little lower.Use a toaster oven instead of your main oven. Choose “air dry” on your dishwasher, and only run full loads in each.

  • Choose smart appliances. If you’re in a position to do so, replacing old appliances with newer ones might save you significant money in the long-run. Smart-home hubs let you control your energy use and shut down appliances even when you're out of the house. A good place to start is with a smart thermostat, which regulates your home’s temperature in the most energy-efficient way possible.

  • Get a better rate on your electricity. Do a little comparison shopping before calling your company and asking if they can do any better. Be careful with plans that offer free nights; they often have much higher rates during the day and can end up costing more. If your electric company won’t lower their rate, you might be able to switch.

Track your expenses with N26

Ever wonder where all of your money goes each month? Wonder no more with the N26 app. It’s easy to keep track of your money with automated spending statistics that automatically categorize your expenses in a simple visual breakdown. See exactly what you are spending on electricity and chart your progress as you reduce your bill month by month.

The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.

By N26

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