Most Americans Are Concerned About Rising Energy Bills

A total of 78% of Americans are concerned about their rising energy bills, an exclusive CNET Money survey has shown.

Around 80% of U.S. adults in all regions, including the Northwest, Midwest, South, and West, said that their finances have been impacted by growing home energy costs, according to the survey.

Moreover, 32% of Americans are leaning on borrowing, payment plans, or assistance programs to afford their energy bills. Another 39% are cutting on non-essential purchases, and 24% are cutting on essentials to cope with the rise in home energy costs. A total of 15% are dipping into savings to pay their bills, the survey found.

Groceries, gas, dining out, and utilities are the top four sticker shocks for Americans, more than 90% of whom are worried about inflation, too, a CNET Money survey showed last month.

The typical residential electricity bills could be slightly higher this summer, the Energy Information Administration (EIA) said in June, noting that it expects that residential customers’ monthly electricity bills will average $173 this summer, slightly higher than last summer’s average of $168. Higher consumption due to expected higher temperatures this year could be partially offset by lower residential electricity prices in most areas of the country, the EIA said.

However, while electricity generation costs are declining, transmission and distribution costs continue to increase, the administration noted.

The National Energy Assistance Directors Association (NEADA) expects residential electric utility expenditures to hit this summer the highest level in 10 years, with the cost of keeping cool set to rise by 7.9%.

This cost is set to average $719 from June through September, up from $661 during the same period last year, according to projections from the NEADA and the Center for Energy Poverty and Climate (CEPC).

“Due to the unprecedented rise in summer temperatures and higher rates of extreme heat events over the last ten years, the cost of summer cooling has risen from $476 in 2014 to a predicted $719 in 2024,” NEADA said in June.

By Tsvetana Paraskova for Oilprice.com

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