Sometimes, it's hard to tell what's right and wrong when it comes to conserving energy.
Should we ditch the dishwasher and wash our dishes by hand? Is it better to turn your computer off when not in use or leave it on all day? These can be tricky questions. We've compiled a list of our favorites from an article here.
Here's a list clarifying what's true and false regarding energy conservation:
When your appliance are off, no energy is used
False. Instead, un-plug your appliances or use a power strip. When appliances are turned off, a phenomenon known as "phantom load" occurs and energy is still slowly drained.
Fill your refrigerator with food to combat energy waste
True. A full fridge is a happy fridge. The more space used inside the fridge, the less work required to keep the temperature constant.
Ditch the dishwasher and handwash your dishes
False. Get this, handwashing dishes uses more energy than loading and running your dishwasher. To save water when dishwashing, scrape the plates clean but don't bother pre-rinsing by hand.
Fill your tank only half-way with gas True. The lighter your car, the better the fuel efficiency. If you have a lot of stuff in your car, ditch it. This will help with your gas mileage.
Buy a light colored car if you live somewhere warm
True. Darker vehicles suck in the heat, and lighter vehicles reflect. Robert Sinclair Jr. of AAA says, "It's one of those esoteric gas saving tips."
It's easy to blow a budget ... and many already have. However, one can send a message by giving a gift gift with a personal finance focus.
The ultimate holiday season lesson? It's important to understand personal finances... at any age. We've compiled a list of gifts that are pro-active in understanding personal finance and suitable for kids from one to 92. Toys for kids: Give the gift of words, and read a book to a little one. There are many books on finance, such as Alexander, Who Used to Be Rich Last Sunday," by Judith Viorst. This story is about a boy who gets a dollar from his grandparents, what he wants to buy and how his money disappears.
A board game like Monopoly, Pay Day and Life are excellent gifts for those in elementary school. It teaches the basics, like how to pay for property and how to count money, while making finance extremely fun.
Kim E. Jones, a financial planner in Broomfield, Colorado, recommends the Money Savvy Pig, a piggy bank that has four different sections. One for saving, one for spending, one for donating and the last one is for investing. This way, kids can experiment with their money, and find the best solutions for themselves.
Presents for teens: If your teen wants money, don't fret. Offer to match the teen's savings as long as the money is spent wisely. "Any gift can be turned into a financial lesson with a little creativity," says Shelley Solheim, director of Financial Education for Capital One Financial Corp.
Why not buy a teen a share of stock? This will fuel an interest in stocks for the teen and the youngster will be eager to learn. Check out single shares of stock as framed gifts here.
Buy a teen a gift card for SmartyPig.com. The card can be used to open an account, or as money to add to SmartyPig. What is SmartyPig? SmartyPig is an account that is made with a specific goal in mind. The site also offers social networking, so an account holder can receive contributions from other people. Specific retailers offer dicounts that can be obtained once your savings goal is reached.
Gifts for all ages: Is your friend socially conscious? Donate some money to their favorite cause. Maybe even buy a charitable gift card that enables them to pick out a charity of their choice. 'TisBest Philanthropy, Just Give, and The Network for Good are all charity gift card vendors.
Need a gift for someone who isn't likely to read a book on personal finance? Buy The Nuru deck of personal finance flash cards. The flash cards contain 30 cards, and contain words on budgeting, investing, loans, retirement, and insurance. Buy it for $9.95 here.
U.S. home prices rose in August for the third straight month, indicating housing recovery after a steep three-year decline. But, will it last?
The Standard & Poor's/Case-Shiller home price index shows a dramatic turnaround. For three months straight--June, July and August--home prices in 15 metro cities were on the rise. San Francisco, Minneapolis and San Diego led the turnaround.
However, prices are still extremely low compared to 2006. For example, an Associated Press article reports that Miami's prices have climbed for three months in a row, however they're still only half the price of an average price for a Southern Florida home in 2006.
What does this mean? Zach Pandl, an economist at Nomura Global Economist believes prices are still destined to bottom out before they begin to recover for good in 2010.
"We need to see flat to rising prices in the winter months," Pandl says. "That would be a very encouraging sign that prices have bottomed out." This is likely to be true. As foreclosures and unemployment rise, and a tax credit for first-time homebuyers expires next month, home prices may fall once again.
An expired tax credit due next month has caused congress to consider prolonging the tax credit into next year. An increase of the credit is in the works as well. The increased tax credit will help first-time buyers, by saving them 10 percent of the sales price, up to $8,000. What's backing supporters? This month of October, the U.S. economy has declined once again, and the Consumer Confidence Index fell 6 points from September, now down to its lowest level since May.
Although the rising home prices are widespread, they're certainly not everywhere. Seattle, Las Vegas and Charlotte N.C. have fallen to their lowest levels since August. The largest feast-to-famine city? Las Vegas. After the city's peak in August 2006, home prices have since fallen 56 percent.
Planning to buy a larger-than-life flat-screen TV? If you live on the Left Coast, you may have to change your plans. California energy regulators a trying to ban the sale of electricity-sucking televisions and adopt efficiency requirements for flat-screen TVs.
If the California Energy Commission continues with the proposal, retailers would have to sell TVs with strict energy requirements spearheaded by the federal Energy Star program beginning in 2011. This program is destined to save a lot of energy that would have been thrown away.
But, how much energy are we talking?
According to a Los Angeles Times article, the regulations are designed to shave $8.1 billion off Californians' electricity bills over a 10-year-period. That's about $30 per set per year, commission officials contend. Karen Douglas, commission Chairwoman says, "Increased efficiency is the most cost-effective way of meeting our renewable-energy goals."
Californians must be used to the energy regulations by now. The residents have regulations on dishwashers, washing machines, and other household appliances. However, many argue that the new regulations will stall technological innovations that have improved TV set quality. The regulations will also limit consumer choice.
"Independent studies show millions in tax revenue and thousands of jobs are at stake," says Doug Johnson, senior director of technology policy at the Consumer Electronics Association. Many jobs could be lost. Television prices will increase, and home theaters wholesalers and installers will be out of work. Consumers would therefore have to buy un-regulated TVs though out-of-state online vendors... this would deprive CA of its much needed corporate income and sales tax revenue.
Why television sets? The article reports that many of the 40-inch-and-larger sets, which use liquid crystal or plasma technology consume vast amounts of electricity. The average plasma screen uses more than three times as much energy as a bulky, old-fashioned cathode-ray-tube TV. This calls for a change in CA, especially since California's energy needs are so vast. At this point, CA imports 30% of its electricity from out of state.
Many flat-screen TV makers already meet the new regulations, and say they'll have no problem hitting the new energy efficiency threshold. Buyers of the TVs wouldn't see a price increase. When talking about huge flat-screen television sets, an Associated Press article highlights Noah Horowitz, a senior scientist at the Natural Resources Defense Council. She says, "These are the SUVs of the industry, they use more energy than the smaller ones. They are used in bars, hotels, and can easily be on for 12 hours a day."
To learn more about the TV energy-regulation proposal, click here.
Oil prices continue to fall amidst Senate's passage of Obama's $838 billion recovery plan.
With Government plans in place to improve our dis-heartened economy, The Dow Jones industrials lost 300 points and crude is still trading below $40 a barrel. Alaran Trading Corp Analyst, Phil Flynn, says "People are running to gold as a reaction to Monday's speech and are running away from the stock market. And of course that's pressuring the oil down."
Associated Press reports that a new Treasury Department program will make more loans available to consumers and businesses. Funding would be up from $20 billion to $100 billion, administration officials report. Although things could be looking better, nothing has been set in stone.
Despite recent Organization of Petroleum Exporting Countries cuts, there is still plenty of oil in the market due to our weakened economy. Platts, the energy information arm of McGraw-Hill Cos. reports that by Wednesday, U.S. crude stocks could grow to 30.4 million barrels. Motorists however, will not see these savings. Retail prices at the pump will continue to rise. Sinking demand is causing refiners to trim down production. Gas prices have risen 13.6 cents since last month.
The good news? Gas is still less expensive than last summer.
Home heating oil aid will nearly double across the U.S.
The Bush Administration has released $5.1 billion in heating assistance to the states, helping millions of families heat their homes this winter. The heating aid was included as a stopgap budget bill that Congress passed and President Bush signed.
Massachusetts will receive $213 million in federal fuel assistance as its share of the $5.1 billion appropriated by Congress.
Release of the funds, targeted to help the state's low-income households pay for their winter heating bills, was jointly announced Friday, Oct. 17 by Sens. Edward M. Kennedy and John F. Kerry.
The Associated Press reports that the slumping economy and high energy costs are leaving millions unable to afford heat this winter. Rep. Edward Markey, D-Mass. says, "The double whammy of rising costs and economic uncertainty is hitting local consumers hard. With this increase in funding, hopefully no one in Massachusetts should have to make a heat-or-eat decision this winter."
According to the National Energy Assistance Directors' Association, the heating aid will be able to help two million families more than originally expected. The funding is incredibly helpful in Mass., where the cold winters and high oil heat usage is prone to high energy costs.
Senior citizens and low income families will certainly benefit, keeping warm at an affordable cost.
Click here for more information on how you get help with your winter heating bill.
The price of oil is low and likely headed lower reports the Associated Press. As the stock market experienced turmoil last Monday, the price of a barrel of oil dropped to a price not seen since early 2008.
Holding steady around $90 a barrel this week, the prices which neared $150 midway through the summer now seem to belong to the distant past. As fears surrounding the market for credit continue to grow, oil prices are likely dropping in part because continued growth seems unsustainable, even in Asia’s developing countries.
"The market is finally acknowledging that this credit crisis is a global phenomenon and that will equate to lower world oil demand in the future," Phil Flynn, analyst at Alaron Trading Corp. in Chicago, tells the Associated Press. "People thought the crisis would be contained to the U.S. and we'd see oil demand in China and India continue to grow. Now that just doesn't seem possible."
Though oil prices are falling in large part due to bad economic news, the lower prices do translate into at least a little good news for consumers.
The article reports that according to AAA, the average price of a gallon of gas in the United States is currently about $3.50. Average prices topped out at over $4.10 this past July, so the lower prices should make filling up less painful.
In light of poor stock performance and declining home values, however, the lower gas prices may provide little relief.
For the first time in five months, retail sales have dropped.
The Commerce Dept. reports Wednesday that retail sales fell .1 percent in July. This is the first drop in retail sales since a .5 percent drop in February. With gas prices at an all time high in July, shoppers say "no" to anything that's not an essential.
The $92 billion in stimulus checks seem to be just a memory. The fragile economy may slow down even more in the second half of the year. On a good note, the all time high gas prices have been falling, hopefully helping consumer spending in the coming months. Economists are still concerned, wondering if gas prices alone will be enough to change the current consumer spending habits.
Susan Taylor-Demming of Naperville, Ill. says, "Play dates instead of water park adventure." Taylor-Demming says her budget this year has meant that she drove to New Jersey with her two daughters instead of taking a flight for a summer vacation.
Tony Fratto, presidential spokesman at the White House, believes that July sales reflect a decline in auto sales caused by high gas prices. Excluding autos, retail sales would actually have increased .4%.
Sometimes, it's hard to tell what's right and wrong when it comes to conserving energy.
