As people around the world approach the end of a full year largely spent at home, the costs associated with utility bills might be top of mind. From powering electronics, to cooling homes in the summer and heating them in the winter, spending time at home has financial consequences.

The US Energy Information Administration estimates that Americans use an average of 887 kilowatt-hours of electricity every month. This translates to an average monthly bill of $115, with rates ranging from 9 to 32 cents per kWh. When coupled with water consumption, costing about $70, it adds up.

“Almost everything we buy uses electricity these days,” says Manuel Schönfeld, founder and CEO of PowerX. “Staying connected and using the wonderful technologies that have been created can come at a price when we look at our utility bills.”

Reducing bills isn’t impossible, though. Schönfeld argues that understanding how much energy and water are being used — and in what parts of the home — is where everyone should start.

In the US, heating and cooling make up for almost one-third of electricity use in the home. Appliances such as refrigerators, clothes dryers, and even TVs and computers account for much smaller percentages.

What about water? According to the Environmental Protection Agency, the average American uses 88 gallons of water every day and families average about 300 gallons daily. Toilet flushing is the single largest use of water in the average home, with showering being a close second.

Saving Money on Utility Bills Starts with Understanding Them
Saving Money on Utility Bills Starts with Understanding Them Warren RECC

While the large categories of use — heating and cooling — aren’t a surprise, most houses have exceptional expenditures in some categories due to old or dysfunctional devices and even unconscious habits. Identifying those habits and appliances in need of attention was one problem at the root of what Schönfeld’s new product tries to solve. PowerX uses non-invasive sensors that leverage artificial intelligence to collect information and provide real-time insight on your home’s utility usage.

“PowerX uses artificial intelligence to identify items that contribute to water and electricity bills,” Schönfeld said. “When you see how much you spend on appliances in real-time, you can make changes. PowerX provides specific tips for each customer and lets them make the choices that are best for their lives and their wallets.”

Reducing consumption and bills doesn’t require a ton of drastic changes. Small ones like swapping out old-school light bulbs for LED ones and installing dimmer switches is one easy step to take. Swapping showerheads with energy-conscious models can also reduce the water needed without altering your in-shower experience. Using smart thermostats for heating and cooling, or setting the temperature higher in the summer and cooler in the winter, can make a big difference. It’s unlikely that you or your family will notice a couple-degree difference in the temperature, but your wallet will.

Bigger changes like swapping appliances with energy-efficient models can also be worthwhile. While this might require an initial investment, a new machine can pay for itself faster in a matter of months. In fact, the older the appliance is, the greater the chance it’s costing more money than it should to operate. PowerX gives you the information that you need in order to make that decision without guessing.

Consider installing a system like the PowerX Energy Suite. This plug and play product uses a system of three sensors that connect to the home electric panel, water heater and main pipe to track and analyze how much energy and water are used. Its advanced technology can measure usage down to the specific appliance or water outlet, so decisions on how to save can be easily made. For some large appliances, PowerX can even take these decisions automatically and run your appliances more efficiently leading to greater savings.