« Just how much will it cost to get out of your current mortgage? | Main | Canadians in market to buy condos »

May 30, 2021

Plant a tree and save money

Who says money doesn't grow on trees.

Well, maybe not on them, but trees can help grow your money when you save on your energy bill.

According to a new study out of Ryerson University in Toronto, planting a tree near your house will reduce your summer energy bills and improve the environment.

Now that's a great way to grow your bank account and still be environmentally responsible.

So while you're outside planting your annuals, perennials and shrubs in your garden, think about planting a tree near your home.

Believe it or not, mature trees can save you enough energy to operate a dishwasher once a day for a year.

Andrew Millward, co-author of the study and a geography professor at Ryerson University, explains, "Our urban environment has many structures made of concrete and asphalt, which absorb a great deal of the sun's energy, creating a 'heat-island' effect.

"To mitigate the rise in city temperatures during the summer, we need to protect and expand urban vegetation cover, such as large trees, which provides shade and cooling in the areas that we live and work."

And besides helping us save on our energy bills, trees also provide environmental benefits such as reducing air pollution, providing a natural habitat for wildlife, removing carbon dioxide from the air, and mitigating storm water runoff.

If you currently do not have any trees, Millward suggests planting a native tree species either west or south-west of your residence. This location provides the most shade during the afternoon, which is typically the hottest time of the day.

And those with trees already on their property, he suggests they find a spot to plant a tree that will give it enough space to grow.

And with temperatures rising as summer nears, a shady tree sounds like the perfect answer.

By Donna Donaldson, MSN Money

Do you think planting trees by your home will help reduce your energy consumption in the summer? Will you be planting a tree this summer?




Post a comment


Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...