We’re getting very close to year’s end, which is a good time to review any tax-related items on your todo list, as well as look forward to next year with a plan in mind to help reduce your taxable income. For many, the 2013 tax year plans may be too late at this point if you don’t have a lot of free cash, but at least going through the options may help you plan for next year. One high priority item for me is to improve my home’s energy efficiency and take advantage of the federal tax credits before they expire this year.
People are always on the look out for how to earn extra money, and get ahead on their bills, savings and retirement. Here’s an interesting one: scrap metal recycling.
My water heater started leaking on the ground a couple weeks back, a sure-fire sign that it needs to be replaced quickly before it rusts out entirely and we’re stuck with no hot showers or dishwasher.
I happen to live in a town that has it’s own electric company, affording me the luxury of having electric rates that are somewhere near one-third the cost of the next town over. My electric rates are $0.03591 / kWh.
So my immediate inclination was to replace my old dying natural gas water heater with a new electric water heater. It felt like it should be the cheaper option for us to run. But I never did the calculation, so I thought it’d be a fun exercise to geek out and see what my bills should look like for my old natural gas heater versus a new electric or natural gas heater. We can see whether or not I was correct to choose electric out of hand just because I have super cheap rates compared to the norm.