New Home Appliances Could Save You Money
Buying new energy-efficient appliances could save money in the long run.
Oct. 17, 2008 -- CORRECTION: Due to an editorial error, "Good Morning America" misidentified the price of Whirlpool's GX5FHDXV model refrigerator today. The actual MSRP cost of the refrigerator is $1549.00. "Good Morning America" regrets the error.
Are you ready to upgrade your refrigerator, washing machine or other appliances but aren't sure whether now is the time to make a big purchase?
Getting rid of your old, energy-guzzling appliances and upgrading to newer models might save you money in the long run.
"Good Morning America" technology contributor Becky Worley does the math for three major household appliances.
Frigidaire Front-Loading 14-Cycle Washer
Cost of washing machine at Lowe's or Home Depot: $698
According to Consumer Reports, this washing machine saves $129 a year in electricity and water costs compared to an older appliance
The time it takes to pay back the upgrade? (698/129) = 5.5 years
Becky's Advice: UPGRADE NOW
Whirlpool French Door Refrigerator (Energy Star Qualified)
According to Whirlpool, it saves $46-65 per year
Time it takes to pay back the upgrade (assuming you save $65 per year)? (1549/65)= 23.8 years
Becky's Advice: WAIT
Lux Smarttemp Touch Screen Day Programmable Thermostat
Cost of thermostat on Amazon was $67.23
According to Consumer Reports, you save $202 a year in heating costs
Time it takes to pay back the upgrade? (67.23/202) = one year
Becky's Advice: UPGRADE
Bosch Dishwasher Evolution 300 Series
According to Consumer Reports, this model dishwasher saves $51 a year in electricity and water costs compared to an older dishwasher
Time it takes to pay back the upgrade? (550/51) = 10.5 years
Becky's Advice: WAIT