Should I Replace My Appliances?
Many how-to guides on redecorating a kitchen on a budget will tell you to save your appliances to save money. Cut costs, they say, paint your 1950s double wall oven, switch out the handle, update its finish with appliance spray paint. Don’t do it. Plain and simple, don’t do it. As they say, you can put lipstick on a pig, but guess what, it’s still a pig.
Get rid of those piggy appliances – they’re energy hogs. With approximately 10-15% of your home’s value in the kitchen, you may need to spend money on appliances when updating your kitchen. We’re not talking design on a dime here, this is an investment in your home.
Energy efficiency has come a long way, just in the last 10 years alone, newer kitchen appliances have improved their energy usage by up to 50%. With rising energy costs, this isn’t chump change. With focus on environmentally friendly, green products, replacing your old appliances may be a step in reducing your environmental impact.
According to the US Environmental Protection Agency cost savings from replacing outdated appliances can be substantial. The EPA estimates that replacing a 20-year-old refrigerator with an ENERGY STAR qualified model will save approximately 700 kilowatt-hours of electricity annually. With an average cost of $0.11 per kilowatt-hour, that’s a $70 - $80 savings annually just in electricity! And that’s just with one appliance!
Your refrigerator will nearly pay for itself in energy savings alone if you keep it for more than 10 years. But there are other factors to consider. Your kitchen is one of the most important features of your home. Think like a buyer when looking around your kitchen deciding whether or not to replace your appliances. Would you want to purchase a home knowing you’re going to have to plan on the expense of replacing old appliances? Wouldn’t you rather move into a home with a kitchen you’re not going to have to make an immediate investment in new appliances.
Now let’s talk about technology. Time is money and time saving technology may be worth an investment in a new appliance. You can program your oven to preheat as you’re heading home from work. With evenings being busy when you have a family – this extra few minutes savings when feeding a hungry family may well be worth the extra few dollars.
Upgrades to your kitchen can pay for themselves in 80% - 90% of the cost being recouped in a higher selling cost for your home. Between the electricity savings and the resale value, it can pay off to replace your kitchen appliances when redecorating or updating your kitchen.