Heating and cooling bills probably add up to as much if not more than all of your other household bills combined. The simplest way to cut back on the already-high cost of these utilities is to ensure that your home is as energy efficient as it can be. A home that allows heat and cool air to escape or to enter through cracks and gaps will cost far more than a home that has been properly sealed.
Finding Cracks and Gaps
The good news is, that most cracks and gaps can be found pretty easily by the homeowner. Simply light a candle and hold it close to areas where you suspect there might be air escaping or entering. The air movement will move the flame of the candle.
Exterior
Interior
When trying to find spots where heat and cool can escape, do not forget to check the attic and basement/ crawlspace. These areas can both be great energy-wasters if they are not insulated or sealed properly.
Filling Cracks and Gaps
One thing to keep in mind after you have located any leaks, is that even though they must be filled in order to save on your energy bill, you don`t want to seal the house up too tightly. Sealing a house too tightly can result in backdrafts, a dangerous situation that causes pollutants and, potentially, carbon monoxide to build up in your home.
Caulking
Caulking is the perfect way to seal up leaks around doors, windows, exterior joints or anywhere else that air may seep out or come in. Caulk comes in three forms:
Acrylic Latex : is water-based, and the most commonly used because it dries quickly and can be painted almost immediately.
Silicon Acrylic : is more flexible, but far more expensive. Is good for use between surfaces that might expand or contract as temperatures change.
Polyurethane : works more effectively than water-based caulk but is hard to work with and to clean up. Is used for cracks in concrete, brick, masonry or on surfaces that have an oil-based paint or varnished finish.
Caulk also comes in a variety of colors so be sure to read the package before you buy.
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Applying Caulking
Weatherstripping
Weatherstripping is a great way to seal around doors, windows or any other place that you cannot apply a permanent seal, as with caulking. The trick to weatherstripping is that you must have the right stuff for the job. Luckily, the best weatherstripping is also the cheapest. It is a long strip of foam that is wrapped in either plastic or vinyl and comes in a roll.

Expandable Foam
Expandable foam is a yellow foamy liquid that is "injected" into cracks and gaps via a thin, straw like nozzle.

The foam expands to fill the gaps and then hardens until it becomes solid. Once it is completely dry use a sharp utility knife to trim off any excess - and you will have excess.
The good part about using foam sealant is that it not only seals, it insulates as well. The bad part about using expanding foam is that you must be very careful. It sticks to everything and is very hard to clean up.
Using any of these methods or a combination of the three should lower heating or cooling costs considerably, and make your home more comfortable, no matter what season it is.
Great info. This is sure to save people money on heating and cooling. Thanks for sharing.