Go Banking Rates Recent Study Finds Not All Energy-Efficient Products Help Consumers Save Money on Energy Costs

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Leading personal finance resource http://www.GoBankingRates.com examines four popular "green" household products to find out exactly how much money they can save consumers. Go Banking Rates concludes that while some energy-efficient products are worth making the switch, the initial investment required for some may make them unaffordable options.

In a continued effort to assist readers save money in every facet of their daily lives, Go Banking Rates recently examined four popular, energy-efficient products to determine whether "going green" can really be adopted as a money-saving lifestyle. Go Banking Rates editor, Jennifer Calonia, interviewed both consumers and experts in the energy-efficient household product industry to find the best and worst swaps Americans can make in their homes to save money on energy costs.The most cost-efficient green product was discovered to be LED lights. Jon Billings, sales director of the Green Works Energy Group, explained to Go Banking Rates, "By far the best up and coming product is LED lights." Billings continued, "They are efficient, recyclable, and as technology advances, affordable. LEDs are like an investment, you pay a higher price up front, but the long-term return exceeds all other available products."

Go Banking Rates found that transitioning the home to energy efficient lighting options like efficient compact fluorescent bulbs (CFLs), LEDs or halogen sources can save up to 75 percent in household energy costs compared to incandescent bulb versions.

On the other hand, the energy-saving product with the highest up-front cost was determined to be solar panels.

Shel Horowitz, converted his pre-Revolutionary War home, built in 1743, into a solar-powered machine by installing three hot water solar panels in 2001 and four electricity panels to the roof of his home in 2004.

Horowitz told Go Banking Rates, "Costs out of pocket (after rebates) were $3,500 for hot water and $5,000 for the [electricity] … the hot water paid for itself in about five years."
The initial investment on solar paneling may be too great for some consumers to make the switch and enjoy the eventual energy savings – which often take years just to break even.

Go Banking Rates also calculated the up-front costs versus annual savings for high-efficiency washers & dryers, as well as energy efficient dishwashers.

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About Go Banking Rates
Go Banking Rates (GoBankingRates.com) a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information. Go Banking Rates also regularly publishes expert advice from personal finance professionals to keep readers informed and up-to-date on the most important issues in the personal finance sphere.

GoBankingRates.com is a division of ConsumerTrack, Inc., an 8-year leader in online lead generation, performance-based marketing, and customer acquisition in the financial, insurance and credit sectors. The company’s portfolio of 1500 finance websites includes GoBankingRates.com, GoInsuranceRates.com, and GoFreeCredit.com. These sites receive more than 2 million visits each month.

For questions or comments, please contact:

Jaime Catmull, Director of Public Relations
310.297.9233 x261

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