Have you ever considered which would yield a greater return on your investment: Investing in a savings account or investing in new heating equipment?
The downturn in the economy has had an impact on all of us. Many of us are focused on saving now more than ever before. We are watching every dollar we spend and trying to maximize our savings. While all of that is prudent financial behavior, one exercise that must be considered is where to "invest" your money and what that investment yields from a savings perspective.
Interest rates are down across the board. This is good if you are borrowing money, but less than stellar if you are trying to earn interest on money saved. Let's look at an example:
The average bank savings interest rates in the third quarter of 2011 ranged from .93% to 1.2%.
If you had $9,000 to invest, you and you were earning roughly 1%, you could expect to earn $90.00 from that interest in one year.
Now, let's take the same $9,000. Instead, you choose to invest it in new high efficient heating equipment.
At an average annual consumption with your current heating system of 1000 gallons and a price per gallon at around $4.00, you would typically expect to spend $4,000 annually on your oil. New equipment can typically result in a savings of 30% in your overall consumption. Therefore, you could expect your consumption to decrease from 1000 per year to 700 gallons per year! At that same price of $4.00 per gallon, you will now only spend $2,800 per year. That is a savings of $1,200!!
So, would you rather save $90.00 this year, or $1,200.00? The answer is clear.
Call Federal Energy today at 855.721.2468, or fill out the form below, and let us help you invest your money in a high efficiency heating system sure to maximize your total savings and help you achieve even greater home comfort.