This certainly isn't the answer you want, but your new bike has a 50/11 gear ratio. It will go plenty fast if you can make it go fast.

Clip on aero bars will make you faster than any other piece of equipment you could buy.

I definitely understand that, but I am sure the tire and wheel quality isn't the best.

Good to know. Thank you.

Are you asking for a road bike configuration or adapting it for a tri bike? Assuming you plan to keep it in a road bike configuration, then I would vote for upgrades in the following order:

1. Aero front brake (Vision Trimax Aero or Omega X)
2. Aero drop bars
3. Flo 45/60 wheels or 60/90 wheels, depending on your comfort level and wind
4. Continental GP 4000S II either 23mm or 25mm depending on comfort and weight
5. Latex Tubes
   
6. Aero stem

Are you racing this bike, or doing fast group rides?

If not, why do you want to make it "faster"? Use it as a training tool and just ride it.

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Chicago Cubs - 2016 WORLD SERIES Champions!!!!

"If ever the time should come, when vain and aspiring men shall possess the highest seats in government, our country will stand in need of its experienced patriots to prevent its ruin." - Samuel Adams

Nah just riding and training for a century. lol
I just like the idea haha

Yep, road bike configuration. Good stuff. I appreciate it.

 
Aero helmet.

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Once, I was fast. But I got over it.

You didn't specify a budget, or how experienced you are, but you bought an entry level bike... with that in mind, the wheels you got are really not too shabby. (maybe not by some peoples standards) They have bladed spokes, and they aren't that heavy.

If you really want to change the tires, consider strongly that fast tires are probably more delicate than the ones you bought, and wont last as long. I don't know where you ride, and if that matters. My gut feeling though, is that you should do it after say, 500 miles.

Any recommendations of aero bars for a road bike?

Easy equipment upgrades are all well and good, but riding up grades and time in the saddle are better.

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Suffer Well.

Wouldn't sweat it...ride the bike, enjoy it. When the tires wear out, buy faster ones if you want and latex tubes. past that, focus on you. You will never notice the difference if you buy aero brakes or any of the other suggestions noted (with the exception of clip-ons).

If you have race wheels for your tri bike, they should also work on your new road bike (assuming same number of gears). use those if you want to go faster on your century.

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Chicago Cubs - 2016 WORLD SERIES Champions!!!!

"If ever the time should come, when vain and aspiring men shall possess the highest seats in government, our country will stand in need of its experienced patriots to prevent its ruin." - Samuel Adams

For tires, I'd get 25mm Continental Grand Prix 4000S II tires. You can get them for about $35 bucks on sale or on ebay. They are fairly durable tires and overall are good for racing and training.

Also, tight fitting jerseys and an aero road helmet will make a difference.

Aside from a better engine (you), the biggest thing you can do to make the bike faster is a more aero body position, whether that's with aero bars or just getting used to putting out power while in the drops.

After that, more aero wheels (e.g. Flo 30s for a low-cost and robust option that gets you much of the benefit of a deeper wheel without being pricey or affecting handling in wind or entailing the compromises of braking on carbon) and tires with lower rolling resistance (GP4000 IIs are a good all-rounder option) will make marginal, but at least noticeable, differences.

But it really is fundamentally about the engine. You sure you want to be that guy with the sweet upgraded wheels getting passed by the old codger on a bike from the 1970s?

I bought a Trek Alpha 1.2 about 6 or 7 years ago and I put a ton of miles on it (in fast group rides and a couple of shorter triathlons). Here are the upgrades I did to it:

Aerobars? Nope.
Carbon Wheels: Nope.
New BB? Nope.
Latex tubes? Nope.

The list goes on and on. I was also on a budget and had better things to spend the money (like you know... groceries) so I just rode it without upgrading it for a long time. I eventually bought a carbon tri bike a few years later and I recently upgraded to a much prettier, shinier road bike... but the truth is that it was a good bike and I never felt like it was holding me back (especially on a group ride). Work on the engine and save your money for later.

edit: I did upgrade the pedals and purchased cycling shoes to clip in... so there's that

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Don't drown, don't crash, don't trip.

I may be a bit of a dinosaur, but for clip-on aero bars for a road bike, I still really like the Syntace C-2s. They are fairly lightweight, quite comfortable, fairly adjustable, and very well built, meaning that they are easy to put on and take off. Something that is important if you are doing any fondo type ride or century where you will be riding in a pack and aero-bars are not allowed. I bet a person on this thread has a pair of used ones that they could sell you for less that $80.00.

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http://www.fitspeek.com the Fraser Valley's fitness, wellness, and endurance sports podcast

Put latex tubes at the top of your list.

I rode a century with a guy who had Specialized Venge-- an aero frame with 60mm wheels and aero drop bars. He flatted early, so we got separated from the lead pack and rode alone for about 85 miles. I had an old steel bike that is probably the aerodynamic equivalent of your Trek 1.2. I was heavier than him, and we had roughly equivalent clothing and helmets. His bike was significantly faster than mine, so the details matter. When we were coasting down hills, he was blowing past me like he weighed 100 lbs. more than me. I had bike speed envy the whole way. The differences absolutely helped him when he was pulling.

I disagree, a motor will make it faster...we had a pretty big discussion about this recently :)

A faster rider.

That bike will last you for years. I'm still riding my Trek 1.2, bought new in 2009. The only things I haven't changed over the years are the frame, fork and brakes. I'd change the brakes if it was possible (quite mushy), but high-end options for a long-reach caliper are scarce.

Aero or semi-aero wheels would be the first place to look - I remember my first ride after a wheel upgrade and they certainly transformed this bike. I think something like FLO30 wheels are a good match for this bike, cost-wise, while being quite aero and race-ready. Pacenti SL23s are also a good rim to build a do-it-all training and racing wheelset.

For out-and-out speed, latex tubes and any good tyre make a big difference - the Conti GP4000s is a forum favourite but Bontrager makes a line of very good tyres, including the R3 and the R4 320. For training, might as well save some cost and go with regular tubes and maybe the Bontraer AW2 - they grip amazingly and beat the Conti 4season for durability.

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ZONE3 - We Last Longer

Personally, I would focus on weight and not aero, especially if you are just doing century rides. I have done many, many centuries, double centuries, etc where climbing is always the issue, not getting a great aero position. Personally, I would focus on lightening (and tackle a decent amount of aero) by focusing on a good set of rims such as Flo like mentioned earlier. Heck, even lighter box rims would help if you are worried about wear/tear.

Any clip on aerobar with you're preferred extension type (I prefer S bends) will get you 95% of the benefit. Profile design has fairly affordable versions of each extension profile iirc.

If you're interested in aero road drop bars, I've used both zipp sl-70's and enve ses bars. I switched to the enve bars to get a bit narrower, I've been happy with them so far. Note neither of those bars will accommodate clip on aerobars.

I'm not sure if I'd bother with the latter for centuries and such, but I like them for road racing and such (as more of a breakaway rider, the flat bar tops are nice for invisible aero bar riding, although they can get a bit slick, the enve's are nicer in that regard b/c there's cosmetic details on them that provide a slight amount of friction).

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All we have to decide is what to do with the time that is given to us. ~Gandalf