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Money Management (Distributed by the New Jersey Society of Certified Public Accountants)

Think Green to Save the Environment And Help Your Bottom Line


Rising energy costs combined with concerns about global warming have spotlighted "green" issues. The average American household spends $2,200 on home energy, according to the Alliance to Save Energy.

While greener, more energy efficient technology is under development, energy conservation offers great opportunities for an immediate "return on investment," as accountants like to say.

"Accounting is leading the effort," says Robert B. Walsh, CPA, president of Lighthouse Financial Advisors in Red Bank. "Gone are the old days of the CPA office with boxes and boxes of paper stacked all around," Walsh says, describing the movement in the profession toward a "paperless" office. He cites examples such as using electronic filing for tax returns, receiving electronic bills and using electronic bill payment services.

"We’re also doing web conferences with clients so they don't have to drive to the office. And we're using mugs instead of paper cups, using recycled paper products and keeping the heat down. These are things that do more than help the environment. They improve efficiency, enhance the office environment and save money," Walsh says. "Then we pass these ideas on to our clients: think globally, act locally."

According to the New Jersey Society of Certified Public Accountants (NJSCPA), whether you’re preparing for summer’s heat or winter’s frost – or looking to lower your gasoline expenses – there are many practical ways to cut down on costs. And when you reduce your energy use, the environment benefits from lower greenhouse gas emissions. The tips below will help you save money and do the earth a favor:

Conduct an Energy Audit
According to the U.S. Department of Energy, you can conduct your own home energy audit to identify problems that could be costing you money, such as drafts that let in cold air, insufficient insulation, poorly maintained heating and cooling equipment or inefficient lighting. The department’s website (www.energy.gov) has instructions for conducting an audit. If you’d like to bring in an expert, many electric or gas utilities offer these audits for free or at a reasonable charge, so find out if one is available in your area.

Adopt Environmentally Friendly Ideas
If you conduct a home energy audit, you may find that you can cut costs by taking money-wise steps that will also help the environment. For example, simply unplugging appliances when not in use will lower energy usage. Many appliances draw energy even when not in use. Another good idea is to close the blinds in the summer to keep out the sun’s heat and then open them in the winter to let in natural warmth. Easy-to-implement ideas allow you to painlessly lower energy use.

Pick the Right Appliances
If you look for the Energy Star label when selecting any number of products, you’re likely to use less energy, save money and help the environment. These products are not made by any one manufacturer, but they have all met federal energy-efficiency specifications. There are Energy Star-qualified products in a wide range of categories, including household appliances, heating and cooling equipment, home electronics and office equipment. Look for the Energy Star label when you shop or find more information at www.energystar.gov.

Turn Off the Lights
This is an easy step to take, but one that will make a difference every day to your bills and to the environment. Many people remember to turn off lights in unused rooms in their homes, but this smart step is sometimes forgotten in an office. According to the Natural Resources Defense Council, most of the energy used in the average commercial building is for lighting. Get in the habit of turning out lights at lunch or in empty offices or conference rooms.

Perform Regular Car Maintenance
Your home and office aren’t the only places where smart steps will cut down on energy or fuel costs. It’s possible to save $100 a year on gasoline by keeping your car engine tuned up and your tires properly inflated.

Consult Your CPA
As you can see, there are many simple ways to cut expenses by lowering your energy use. If you’re interested in learning more about the best steps to reduce costs in any aspect of your financial life, consult your CPA. Your CPA can provide money-savvy ideas that you can apply to your everyday life.


If you would like to receive more information on various financial matters, subscribe to E-CPA, the NJSCPA's free, monthly email newsletter. To subscribe, visit www.njscpa.org/finances or email a subscription request to e-cpa@njscpa.org.

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Money Management is a weekly column on personal finance distributed by the NJSCPA.

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