July tends to be hottest month of summer

With unprofitable coal and nuclear plants continuing to shut down amidst current administration support, the personal-finance website WalletHub today released its report on 2018’s Most & Least Energy-Expensive States.

For a better understanding of Americans’ energy costs relative to their location and consumption habits, WalletHub compared the average monthly energy bills in each of the 50 states and the District of Columbia using a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.

Energy Consumption & Costs in Texas (1=Most Expensive; 25=Avg.):

  • Avg. Monthly Energy Bill: $310
  • 38th – Price of Electricity
  • 8th – Electricity Consumption per Consumer
  • 15th – Price of Natural Gas
  • 40th – Natural-Gas Consumption per Consumer
  • 40th – Price of Motor Fuel
  • 12th – Motor-Fuel Consumption per Driver

Get ready to crank up your air conditioner — and utility budget. July tends to be the hottest month of the year. So if you’re trying to beat the heat, this month’s higher-than-usual power bill could burn a hole through your wallet.

In the U.S., energy costs eat between 5 and 22 percent of families’ total after-tax income, with the poorest Americans, or 25 million households, paying the highest of that range. And lower energy prices don’t necessarily equate to savings. Where we live and how much energy we use are a big part of the equation. For instance, although electricity is relatively cheaper in Southern Louisiana, its scorching summer heat raises costs for residents compared with the temperate climate in more energy-expensive Northern California, where heating and cooling units stay idle most of the year.

To better understand the impact of energy on our finances relative to our location and consumption habits, WalletHub compared the total monthly energy bills in each of the 50 states and the District of Columbia. Our analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil. Read on for our findings, tips and insight from a panel of experts, and a full description of our methodology.

Texas falls in the middle of the pack at number 20 for overall energy costs. Place your cursor on the map to see how each state ranked. Click on the hyperlink below to see the full chart of all states and their energy costs.

 

Source: WalletHub

https://wallethub.com/edu/energy-costs-by-state/4833/