A new report reveals that electricity bills are a significant burden for many Americans, with some states facing costs far exceeding the national average. LendingTree's analysis, based on Energy Information Administration data, highlights the five states with the highest average monthly electricity bills in August. The report also sheds light on the growing financial strain Americans are experiencing, with a significant increase in those struggling to cover their energy bills.
Paying utilities bills, including ones for electricity, is a responsibility that many Americans face – and some have difficulty covering – each month. Nationwide, the amount of money that Americans had to pay for electricity in August averaged $185.59, according to a recently-released report from LendingTree. However, it found residents in some states faced heftier monthly bills than others. The five most-expensive states clocked average monthly electricity bills whose costs ranged from 21.
4% of Americans experienced an inability to cover their entire energy bill or portions of it in the last year, based on Census Bureau Household Pulse Survey data. The share who felt that creeped up 1.4 percentage points year-over-year, it said. "Even though inflation has moderated in recent months, life is still crazy-expensive, and that can make it hard to pay your bills," LendingTree chief credit analyst Matt Schulz said in the report.
Electricity Bills Energy Costs Inflation Financial Strain Lendingtree
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