I'm a money

FINANCE gurus have revealed practical tips on what temperature to set your thermostat for the cheapest A/C bills during summer.

And their timing is perfect because their advice comes just before Americans get hit with a combination of high heat and humidity.

There are several options to save money on cooling bills, CNET reported.

Before switching on every fan to cool down your house - plus the air conditioner - just a quick adjustment to your thermostat will help "keep your utility bills lower as the weather heats up," CNET said.

An A/C will "only really cool your home 15 to 20 degrees cooler than the outdoors; any other setting will not cool your home more and will result in unnecessarily high expenses," CNET reported.

"A higher interior temperature setting in the summer will actually slow the flow of heat into your home, which results in energy and money savings."

The Department of Energy suggests that you install an automatic setback or programmable thermostat.

The department also recommends using a programmable thermostat to adjust the times you turn on the heating or air-conditioning according to a pre-set schedule.

Programmable thermostats can store and repeat multiple daily settings.

These can be manually overridden without affecting the rest of the daily or weekly program.

The smaller the difference between the indoor and outdoor temperatures, the lower your overall cooling bill will be.

The location of your thermostat can affect its performance and efficiency.

To operate properly, a thermostat must be on an interior wall away from direct sunlight, drafts, doorways, skylights, and windows.

Check the manufacturer's installation instructions to prevent "ghost readings" or unnecessary furnace or air conditioner cycling, recommended The Department of Energy.

Smart or programmable thermostats let people set a schedule and automate temperature changes.

But, some of these types of thermostats don't work well with heat pumps - a furnace and AC alternative.

"If you have a heat pump system, ask your HVAC specialist about buying a special type of thermostat that's designed for use with your system," CNET reported.

No one likes hefty bills, especially when paying for basic services including utilities.

So, try to lower costs by switching to green energy such as solar power.

By having solar panels installed, you can generate power yourself, and not be forced into relying on the public grid, said CNET.

Experts predict solar installations will increase by 21 percent each year from 2023.

What's more, solar panel warranties often last 25 years and you can save as much as you paid faster than that, sometimes in less than 10 years, CNET added.