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You only pay $40? Wow. That's not bad for power (I know it all adds up, but if you live in an apartment you pay at least twice that).
-Never leave a light on.
-Use fans instead of air conditioning.
-Turn down the heat at night. They can wear layers and use blankets. I put mine between 60-65 at night. (But I do live in Alabama, so where you live makes a difference as to what you can get away with and not be hating life.)
-Never leave a tv on.
-Wash clothes at the laundromat, or combine loads. Avoid washing things unless they're actually dirty (stink, have spots, have been worn for weeks without washing).
-Sound system? Game system? Limit the allowed amount of time.
-Find a way to lock up your heat/cooling system so that people can't run it on their own...which will probably lead to an increase somewhere.
-Have your air system checked if you think that could be a problem...if it's not running correctly that could cause problems.
-Never run the dishwasher unless you have every dish you can possibly fit stuffed in there. (Or, of course, wash dishes by hand.)
-Turn off computers that aren't in use.
-DOn't leave chargers plugged in and running at all times.
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