How much money can lowering your thermostat save you?

(WJLA) - This month is when you might very well see higher energy bills, as some energy companies estimate they will be almost 35 to 50-percent higher due to the record cold we have been having.

Ralph Their fortunately has a method for his Alexandria home -- it's at 69 degrees right now, but when he goes to bed:

"It will go down to about 67."

So how important are a few degrees when it comes to your heating bill?

According to Chuck Penn with Dominion Power, it can make a significant difference.

"If you decrease your thermostat 70 to 68 degrees, [you'll have] three percent savings on your energy consumption," he says.

The Department of Energy adds that with every degree you drop, you can save one percent on your heating bill. To break it down even further, Energy Star recommends setting your thermostat at 68 degrees during the day, and then dropping it six to seven degrees at night for at least four hours.

This could save an average of approximately 10-percent on your bill!