15 Smart Products That Will Pay for Themselves Quickly

Reading time: 7 minutes

Published: October 6, 2024
Modified: December 30, 2024

When it comes to optimizing your finances, it’s important to make smart investments. In this blog, we’ll explore 15 smart products that will pay for themselves quickly, saving you money over time while delivering real, long-term value.

Products That Pay for Themselves

These items don’t just save money—they eventually cover their own cost and keep giving back!

1. Portable Induction Cooker (Estimated Yearly Savings: $50)

Portable induction cookers are energy-efficient alternatives to traditional stovetops. Most of the energy they emit goes directly into the pots and pans and food, as opposed to the surrounding environment. They save money by cooking faster and using less energy, and they’re great for supplementing your main kitchen setup.

Just make sure you use pots and pans that are made of metal (I use a refrigerator magnet to test mine). Iron skillets work particularly well on an induction cooker; you’ll be amazed at how fast that skillet heats up.

2. LED Bulbs (Estimated Yearly Savings: $75)

LED bulbs use about 75% less energy than incandescent ones and last significantly longer. Replacing your home’s lighting with LEDs can lead to noticeable savings on your electric bill, paying for themselves within a couple of years.

Plus, they generate less heat, which means your home stays cooler in warmer months, helping to reduce your cooling costs.

3. High-Efficiency Washing Machine (Estimated Yearly Savings: $130)

A high-efficiency washing machine uses less water and energy per load, which reduces both water and electricity bills. Over time, the machine pays for itself, especially in households that do laundry frequently.

4. Programmable Thermostat (Estimated Yearly Savings: $180)

Programmable thermostats automatically adjust your home’s temperature based on your schedule, cutting energy usage by 10%. That translates to lower heating and cooling bills, easily covering the thermostat’s cost within a year or two.

I use the Nest thermostat and take advantage of the mobile app to control my thermostat while out of town or even when I’m too lazy to walk downstairs to change it manually.

5. Chest-Type Freezer (Estimated Yearly Savings: $300)

A chest freezer allows you to buy in bulk from your favorite warehouse retailer or stock up on sale items. The low electricity usage (~$40/year) means the money you save on groceries can quickly pay for the appliance.

I have one in my garage, and it doesn’t take up much space, making it a convenient and cost-effective investment.

6. Solar Water Heater (Estimated Yearly Savings: $300)

Using the sun’s energy to heat your water is a smart way to cut down on utility costs. While the system may take several years to pay off, once it does, it continues saving you money by reducing your water heating bills.

However, if you’re planning to install a solar power system, I recommend saving that rooftop real estate for the solar panels.

7. Home Insulation (Estimated Yearly Savings: $500)

Adding insulation to your home, particularly in your attic, can dramatically reduce heating and cooling costs by improving temperature regulation. While insulation has an upfront cost, it’s an investment that pays for itself within a few years, especially in climates with extreme temperatures.

8. Solar Panels (Estimated Yearly Savings: $1,200 – $3,000)

While the initial installation costs can be high, solar panels often pay for themselves within 5 to 10 years, depending on your location and energy usage. After that, the savings on your electric bill add up fast.

To learn about my personal cost savings with my solar power system, see Cutting Energy Costs with Solar Panels: My Experience.

Products That Produce Savings Over Time

These items won’t necessarily cover their entire cost, but they make a notable dent in your bills.

9. Solar-Powered Outdoor Lights (Estimated Yearly Savings: $30)

If you have outdoor lighting, particularly if you’re using halogen light bulbs, consider replacing them with solar-powered lights, which use sunlight during the day to power themselves at night. While they may take time to justify the initial cost, they offer continuous savings without increasing your utility bill.

10. Rain Barrels (Estimated Yearly Savings: $35)

Rain barrels collect rainwater for garden use, reducing your need to tap into the municipal water supply. Especially in areas with high water costs, this can lead to moderate savings over time.

11. Rechargeable Batteries (Estimated Yearly Savings: $40)

Constantly buying disposable batteries adds up. Rechargeable batteries are a one-time purchase that pays off in ongoing savings as you avoid the need to buy new ones frequently.

The cost savings add up quickly for devices that use a lot of battery power, like remote controls for gaming systems, digital scales, and digital blood pressure monitors.

12. Water-Saving Showerhead (Estimated Yearly Savings: $50)

A low-flow showerhead reduces your water consumption without sacrificing water pressure. This leads to lower water bills and energy savings from heating less water.

Oftentimes your local electricity provider will provide these showerheads for free.

13. Food Storage Containers (Estimated Yearly Savings: $100)

Investing in durable air-tight food storage containers can help prevent food waste, leading to less money spent on groceries. Keeping produce fresh for longer periods can save you money each week.

If you’re used to putting that half-full tin can of beans back into the fridge with just aluminum foil or plastic wrap covering it, switching to a glass container will preserve those beans 2-3 days longer, and they won’t emit odors into the fridge.

14. Reusable Water Bottles (Estimated Yearly Savings: $150)

Switching from single-use plastic bottles to a reusable bottle eliminates the ongoing cost of bottled water purchases. If your refrigerator has a built-in purifier, or you use a pitcher purifier like Brita, you can easily have clean, great-tasting water without the cost of buying it by the bottle.

15. Electric or Hybrid Car (Estimated Yearly Savings: $600)

EVs and hybrids save you money on fuel, often with lower maintenance costs as well. While they may not fully pay for themselves, they provide substantial savings on gas over time.

Of course, the decision to purchase an EV or hybrid isn’t just about fuel savings. A more detailed analysis of upfront costs, tax incentives, and long-term benefits would be necessary to fully understand the financial impact. Stay tuned for an upcoming blog that will break down these factors in depth.

Home Improvement Tax Credits

The IRS offers the Energy Efficient Home Improvement Credit, which allows homeowners to claim a tax credit for eligible home improvements that increase energy efficiency. Starting in 2023, this credit is available for a wide range of upgrades, with an annual limit of $1,200.

For example, you can claim 10% of the cost, up to $1,200 annually, for insulation upgrades that reduce energy loss.

For more details, see the IRS page Energy Efficient Home Improvement Credit ↗.

Conclusion: Smart Products That Will Pay for Themselves

By investing in products that pay for themselves or produce substantial savings, you’re setting yourself up for long-term financial benefits. Whether it’s reducing your energy bills, minimizing food waste, or cutting back on disposable items, these smart buys can make a real difference in your budget. Plus, as an added bonus, many of them are eco-friendly, contributing to a more sustainable lifestyle!

To learn more about home energy use, see:

• Your Electric Bill: Understanding Your Home Energy Use
• Estimating Appliance and Home Electronic Energy Use ↗

If you shop at Amazon and wish to purchase any of these products, see our blog, How to Score the Lowest Prices on Amazon Every Time.

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