True Cost of Ownership

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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 average total utility bills of about $128/month for 3,000 square feet of conditioned space. So what can you do with that extra money?

Want to compare your home? Just visit AEP’s home energy calculator, and let us know how your home stacks up!

 

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