Got Sky-High Utility Bills? Here's What Americans Are Doing to Cope

Summertime is here again and we're revving up our AC units to blast some cold air up our shorts. 💨 However, the current cost of energy might have some of us sweatin' it out in our undies! 🥵🩲

A new survey from a top utility provider shows all the ways Americans are dealing with the pain of high energy bills. ⚡ While many are doing little things here and there to lower costs, some are going as far as downsizing their homes. 🏘️ Yep, even in Inflation World™ where mortgage rates are larger than life. Was that what the Backstreet Boys were singing about? 🤪


Here’s Five Fast Facts on the impacts of high utility bills:

  1. 🥴 Oh, You High-High - The average cost of electricity went up 15% in 2022. 76% of the survey respondents reported higher electric bills than last year. 
  1. 💻 Get Off the GD Internet! - After electricity, survey takers reported the next three most common price hikes were in gas (55%), water and sewage (53%), and internet (32%).

  2. 🌪️ It's a Nor'easter - The Northeast seemed to get slammed more than the rest of the country when it came to consumer price index increases. The index rose 2% for the country overall, but the Northeast experienced an increase of roughly 5% on non-food and non-energy items since last year.
  1. 📈 Breakin' Records & Hearts - Data from the U.S. Energy Information Administration (EIA) shows electricity prices are hovering right around the two-decade high of 16.31 cents per kilowatt hour, which was set in September 2022. Natural gas prices are setting records as well. In February, they reached a record high of $15.20 per thousand cubic feet, after reaching an all-time high of $25.52 last August.
  1. 🔌 A Little Bit Goes a Long Way - Before you put your house up for sale and go off the grid, remember little changes add up to big savings. 70% of survey respondents cut electricity costs simply by turning off lights and unplugging electronics when not in use. If you have some extra cash, consider investing in some new energy-efficient appliances like a washing machine or dishwasher.

🔥Bottom line: Rising bills make peeps want to hit the panic button, but you don't have to go house hunting just yet. Did you know that the Inflation Reduction Act of 2022 lets you deduct 30% of the costs to install solar panels and other natural power sources in your home? Although it ain't cheap, it could be a lesser evil than trying to get a good mortgage (at least for now). If you want more quick tips on how to lower your energy bills, head here!

What have you done to cut down on high energy bills?

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