True Cost of Ownership
Today’s home buyers want to get the most house for their money. In addition to paying a monthly mortgage, home owners must also pay for utilities, maintenance and repair. All of these factors must be taken into consideration when determining the true cost of home ownership. A durable energy efficient house can be more economical and affordable even if it has a higher asking price than another home built with standard construction practices.
“After our first month living here, our monthly utility bills went from over $700 to about $180,” says homeowner Chris Lewis. “That’s saying a lot considering we have seven people in our family ranging from my older father to my granddaughter.”
To be exact, Lewis’ electricity bill has averaged $185.62 per month since March 2010, along with a $20 per month natural gas bill to run a four-bedroom, 3.5 bath house totaling 3,402 square feet including their unfinished basement. And while their new home is 1,200 square feet smaller than their previous home in a nearby subdivision, there are now four more people living at the Lewis home.
In fact, all of the homes in Mt. Tabor Meadows have total utility bills of less than $200 a month! So what can you do with that extra money?
Want to compare your home? Just click here to visit AEP’s home energy calculator. Let us know how your home stacks up!