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You may not typically think of renovations as saving you money. Often, when people hear the word “renovations” or maybe the phrase “home improvement project,” images of costly house projects and countless runs to the local hardware store come to mind.

But it is possible to do some upgrades around the house that will pay off in the long run. And not just in resale value, either—some projects can end up saving you money in utilities or earning you a tax credit.

So if you’re considering a house project, here are a few improvements that can actually save you money in the long run.

A Tankless Water Heater

Tankless water heaters are one of those great inventions that has everybody asking, “What took us so long?” Also known as on-demand water heaters, tankless water heaters are a great investment for many reasons. They typically survive longer than conventional water heaters, and as the name implies, they don’t store water at all. Instead, tankless water heaters heat up the water as you use it.

Statistically, these new water heaters are likely to save you money in both the short and long term. They can save homeowners an average of $100 a year

Energy Efficient Improvements

Many energy efficient improvements, such as solar power, may be well worth the money to install. Solar panel technology is getting more impressive and more affordable all the time. Installing panels can save you money both now and in the future. Solar energy has been more viable than ever because now it is eligible for state and federal tax credits. Although it may cost more to install initially, the tax credits will help to make up the difference. You can see immediate savings when you claim solar tax credits.

Smart Appliances

Consider updating your house with smart appliances. Although you may most often think of smart appliances as something for the kitchen, most appliances throughout the house now have smart versions.

From washers and dryers to thermostats and water heaters, smart appliances are an investment that can save you money in the long run. Since most smart appliances can regulate when and how they do the machine’s work, they can often use a minimum needed amount of water and/or energy to get the job done. 

Home improvement projects don’t have to be all cost and no savings. Make your projects work for you by utilizing the latest technologies.

Read this next: How to Make Your Home More Attractive to Potential Buyers

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