In the United States, 47% of all the water produced by utility companies is consumed by homeowners, and a significant portion of that is lost due to leaking faucets and plumbing fixtures. A tiny, yet constant drip coming from your kitchen faucet can appear to be very insignificant, yet many people are unaware that it can cost them several hundred dollars a year. A tiny drip left unattended can waste up to 800 gallons of water in a small period of time.

Types of Faucet
There are several different kinds home faucets available. Each one has different mechanisms that allow it to control the flow and mixture of hot and cold water. The four major types of faucet are:

Ball-type
Disc-type
Cartrdige-type
Compression-type

The most common type is the compression type, because they are the least expensive to manufacture. By turning the handle on a compression-type valve, a stem on the inside will raise or lower a rubber or neoprene washer onto a seat ring, which controls the flow of water. Failures in compression-type valves are usually because of degraded washers or seat rings, both of which are very easy to fix on your own.

Fixing a Leaking Faucet
Before fixing any leaking faucet, you must first close both the hot and cold water valves. Next, you should open the taps to relieve any residual pressure and remove any remaining water in the system. Once that's done, you can start disassembling the faucet. With most compression-type faucets, there is usually a screw on the top of the handle, sometimes under a decorative cap , that you can remove to get to the inside. Each faucet is built differently, and if you're unsure of how to disassemble it, you can check the manual that came with the faucet, or the manufacturers website for more information.

Once you've removed the handle and stem, inspect the washer and seat ring. Most of the time, residue or grime has collected on the washer, keeping it from forming a tight seal with the seat ring. In that case, you can simply clean it off with a non-abrasive sponge. If either one appears to be damaged or corroded, they must be removed and replaced with an identical part. Replacement parts can be obtained from the manufacturer, especially if the faucet is under warranty. Alternatively, you can take the part to your local hardware store and check if they have any identical parts in stock. Once the damaged part has been replaced, re-assemble the faucet and the leaking should stop.

Conclusion
Despite appearances, leaking faucets are very easy to fix. With a the right tools and knowledge, you can save money on calls to your plumber and slash hundreds of dollars off of your annual water bills.