As living costs soar in Canada, finding ways to cut energy bills and save money has become a critical concern—and for good reason. StatsCan found that a growing number of households reported skipping energy bill payments at least once in the past year. Additionally, 14% said they keep their home at uncomfortable temperatures to save on heating and cooling costs.

Despite fluctuating energy prices, families can take control of their costs by opting for smarter, energy-efficient home appliances. While it might seem like a significant upfront cost, the immediate and long-term savings on utility bills can far outweigh the initial investment, making them a smart choice for both your wallet and the planet.

Below, we spotlight five appliances that can help your family save energy and money long-term.

Energy Star Refrigerators

Constantly running, refrigerators are typically one of the largest energy consumers in the home. An ENERGY STAR-certified refrigerator, however, keeps your food fresh at a fraction of the energy cost. These models are incredibly efficient, sometimes using less energy than a 60-watt light bulb. Switching to an ENERGY STAR fridge can reduce electricity use by 10%. More impressively, though, it can offer up to $250 in savings over its lifespan. This number can increase significantly if you have a much older fridge in your home.

Tankless Water Heaters

Traditional water heaters heat and reheat water all day long, wasting a significant amount of energy. Tankless water heaters, on the other hand, provide hot water on demand, significantly reducing energy consumption. For homes that use a moderate amount of hot water daily, a tankless heater can be 24% to 34% more energy-efficient, potentially saving over $100 annually on energy bills. Moreover, their longer lifespan and compact design make them an appealing upgrade for any home.

Energy-Efficient Dryers

Pairing an ENERGY STAR-certified dryer with a high-efficiency washing machine can reduce energy use by 20%. These dryers often feature automatic shut-off sensors to prevent over-drying. Also, they have heat pump technology to circulate hot air, maximizing efficiency. For busy households, this means not just energy and money saved, but also time.

High-Efficiency Dishwashers

Upgrading to an ENERGY STAR-certified dishwasher can lead to significant savings on water and energy. These dishwashers use advanced technologies to clean dishes effectively, requiring less water and energy compared to older models. Running one of these can cost about $35 annually, saving homeowners on both energy and water bills. These dishwashers don't just save money and energy but contribute to water conservation. They are an excellent choice for eco-conscious consumers.

Eco-Friendly Washing Machines

Last but not least, high-efficiency washing machines use 33% less water and 25% less energy than traditional models. This translates to notable savings on both water and energy bills. These machines also handle larger loads, reducing the washing needed, saving both time and money.

Smarter Appliances are a Smart Choice

As energy prices continue to fluctuate, making smart choices about home appliances can provide some much-needed financial relief. However, investing in energy-efficient appliances is more than an immediate cost-saving measure. It also future-proofs your home against future water and electricity bill hikes and inflation-based fluctuations.

Are new appliances not in your budget?

With LendCare’s Retail Consumer Financing, we make it easy to upgrade your appliances today—making smaller, affordable payments over time. Our easy online application can have you pre-approved in minutes; click here to learn more.