A new report reveals the average monthly electricity bill for Americans in August was $185.59, with some states experiencing costs significantly higher than others. The findings also highlight the financial strain on many Americans, with over 23% struggling to cover their energy bills.
Paying utility bills, including electricity, is a monthly responsibility for many Americans, with some struggling to cover the costs. According to a LendingTree report, the national average electricity bill in August was $185.59. However, residents in certain states faced significantly higher bills compared to others. The five most expensive states experienced average monthly electricity bills that ranged from 21.6% to 37.1% above the national average.
LendingTree's findings were based on data from the Energy Information Administration (EIA). The five states with the highest average electricity bills in August, according to LendingTree's analysis, are [Insert the five states mentioned in the original text]. LendingTree also found that 'usage matters,' noting that some states may have high rates per kilowatt-hour but low average monthly bills, and vice versa. These findings on electricity bill costs coincide with LendingTree's report that 23.4% of Americans struggled to pay their entire energy bill or portions of it in the past year, based on Census Bureau Household Pulse Survey data. This represents an increase of 1.4 percentage points year-over-year. LendingTree chief credit analyst Matt Schulz stated in the report, 'Even though inflation has moderated in recent months, life is still crazy-expensive, and that can make it hard to pay your bills. Lots of people have found themselves needing to make difficult decisions to keep the lights on.' Overall inflation, as measured by the Consumer Price Index, increased 0.3% month-over-month and 2.7% year-over-year in November, according to the Bureau of Labor Statistics. Electricity prices saw an increase of 0.
Electricity Bills Inflation Cost Of Living Financial Burden Energy Prices
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