This summer, Americans are feeling the heat not just from the rising temperatures, but also from their increasing energy bills. According to a recent CNET Money survey, 78% of US adults are worried about their home energy costs, with 32% resorting to credit cards, loans, or payment plans to manage these expenses.
The concern over energy bills isn’t limited to a specific region, as households across the country are feeling the impact of rising costs. In fact, the survey found that nearly three-quarters of those affected are taking action to reduce their energy expenses. This includes cutting back on both essential and nonessential spending, as well as utilizing borrowing or payment assistance programs.
Interestingly, 35% of adults in the Northeast are more worried about their energy bills this summer compared to last year. Additionally, 32% express concerns about the costs associated with energy-efficient projects, such as upgrading HVAC systems or installing solar panels.
When it comes to the highest electricity bills by state, the top 10 include Connecticut, Hawaii, Massachusetts, and others, with monthly bills ranging from $160 to $202 – well above the national average of $135. Notably, only six of these states also have the highest electricity rates, indicating that energy costs are a concern nationwide.
While many Americans are taking steps to be more energy-efficient, there are still challenges in affording these upgrades. Some are worried about the cost of energy-efficient projects and question whether they will truly save money in the long run. However, experts suggest that investments in energy-efficient upgrades, such as HVAC systems or heat pumps, can lead to significant long-term savings on energy bills.
For those struggling to afford their energy bills, there are options available. Utility-approved payment plans, low-income assistance programs like LIHEAP, and budget billing can provide relief for those facing financial difficulties. Additionally, exploring solar panel investments, participating in virtual power plants, and insulating homes are other strategies to lower energy costs and reduce the environmental impact.
Ultimately, understanding energy bills, exploring energy-efficient upgrades, and taking advantage of available resources can help households better manage their energy expenses and contribute to a more sustainable future. By making informed decisions and seeking support when needed, individuals can navigate the challenges of high energy costs and work towards a more affordable and efficient energy future.
