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Originally Posted by pinballlooking
The pump that came with my pool was costing me about $100 extra a month to run. It was just a 120v pump probably oversized for what was needed.
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Was the old setup a 1.5 hp pump running 24/7? You'd have to be running 1.39kW continuously to use 1,000kWh in a month. On 120v, that'll be 20A circuit maxed out around the clock (16A continuous allowed on 20A circuit by code).
I'm not arguing that going from A to B saves a lot, but B to C savings is de minimis despite the fact the cost to do A to C upgrade is dramatically more expensive than A to B upgrade. Just putting it up there, so people can consider this in making their upgrade decision.
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For the record I did pay cash for the pump.
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No, I meant, do you currently have existing credit card bills? If yes, making that one time $500 payment will save you on racking up interest by shedding what you already owe. Usually, credit card interest rates are very high, so the ROI from reducing high interest existing loan is quite strong.
If you have none, congrats!
Putting $500 in savings will let you withdraw $648 10 years later. If you prefer, some banks offer the option to pay out interest monthly and you withdraw $500 in 10 years.