Final answer:
To save the most money on your energy bill, set your thermostat to the lowest comfortable temperature in winter and the highest in summer, and consider using a timer to adjust the temperature when you are not home. Also, use energy-efficient devices to reduce power consumption overall.
Step-by-step explanation:
The thermostat temperature that saves the most money is generally lower than your normal living temperature during the winter and higher during the summer. This is because the energy required to heat or cool your home is proportional to the temperature difference between the inside and outside of your home. To save money, you should set your thermostat to the lowest temperature in the winter and the highest in the summer that you can tolerate without compromising your comfort or causing damage, such as freezing pipes.
In particular, when you are away from home, it is cost-effective to allow the indoor temperature to move closer to the outdoor temperature by setting your thermostat lower in winter or higher in summer. When you return, a timer can return the temperature to a comfortable level just before you arrive. This practice utilizes the principle that the energy consumption is the product of power and time, and by reducing the power required to maintain a smaller temperature difference, you save energy over time.
Furthermore, considering other high-power devices and their efficiency can contribute to overall energy savings. For example, switching to devices such as compact fluorescent light bulbs that provide greater efficiency by consuming less power for the same amount of light can also help reduce energy costs.