Many homes have freezers, and most freezers are fairly old. This may seem frugal — Bulk buying of groceries saves money and using an appliance until it dies seems smart. But, new freezer models use so much less energy that it can pay to buy a new one.
Let’s do the freezer math:
Energy Savings. If the old freezer is 10 or more years old, it is using about 1,000 kWh per year. A new freezer will use 450 kWh per year. A new freezer will save $80 per year on average.
The Cost of New Freezer. If the freezer is going in the garage, get a standard no-frills unit to minimize purchase costs. They run about $500.
Sale prices. During key sales periods, you can save another $50 – $75 through retailer discounts. (Columbus Day, Veterans Day, Black Friday, Presidents Day, Memorial Day, 4th of July.)
Rebates. Often your local utility will pay $35 to $50 to use an authorized service to haul away an old freezer or to buy an energy-efficient model.
Putting it all together:
$500 Purchase price
-$50 Retailer Discount
$415 Net Freezer Cost
The energy savings will pay for the cost of the fridge in just over five years. ($415/$80).
The bottom line: If you have any trouble with an older freezer, replace it; don’t bother with repairs. If you live in an area with high electric rates, your savings could be $100 per year or more, so don’t wait to replace. And plan ahead, figure out the model you want, and then buy it on sale.