Fortunately, many of the newer models of refrigerators are, in fact, much larger than older models while still using much less electricity. Today's monster 25 cubic foot Energy Star side-by-side refrigerator only uses around 60 kWh of electricity per month. In comparison, a 1996 15 cubic foot frost-free refrigerator consumed almost three times that amount of power at 150 kWh per month. Thus, you could potentially double the amount of refrigerator space while drastically reducing the amount of electricity consumed by your refrigerator.
Most homeowners' financial common sense to use an appliance might seem like most homeowners' financial common sense until it is no longer functional or practical. From a purely economic standpoint, however, you will most likely be able to save money by changing to newer and more energy-efficient models.
In the United States, the average cost of electricity is around 13 cents per kWh. If you have an old refrigerator that uses an average of 150 kWh per month, you pay an average of $19.50 per month to keep it running around the clock or $234 per year. A 17 cubic foot Energy Star refrigerator, on the other hand, only uses around 35 kWh per month, which would cost you $4.55 a month, or about $55 per year. Over a year, you could expect to save around $180.
Large vendors sell similar sized and energy-efficient refrigerators for as little as $700. The savings on your electricity bill over five years would more than offset the refrigerator's cost, and you would continue to save over the 15 to 20-year lifespan of the fridge.
If you want even more savings, a ten cubic foot refrigerator manufactured by Magic Chef uses under 25 kWh per month and costs less than $400. By switching to this type of refrigerator from an older, inefficient fridge, you could pay yourself back in only a few months. The annual cost of running this fridge (around $40) is what you'd pay for only two months of running an older model of refrigerator.