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. While commercial and industrial electricity use have declined in 2020 due to business closures during lockdowns, residential electricity use has actually increased, which means many people will be forking over larger checks to their power companies.
To better understand the impact of energy on finances relative to location and consumption habits, WalletHub compared the total monthly energy bills in each of the 50 states and the District of Columbia. Their analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil. Click here for their findings, tips and insight from a panel of experts, and a full description of their methodology.
WalletHub | https://wallethub.com/