Have you been following the news on the electricity price increase that happened lately?
Electricity rates have been climbing over the past year. This is good news if you are running a business, but bad news if you are an average home user. How much is your monthly bill going to go up, and what measures can you take to reduce your power consumption?
Do you need to plan for higher electricity costs in the coming months? By doing so, you can prepare yourself for the future.
Read on to learn more about this rate increase and how you can get the most out of your energy consumption!
How Much Will Prices Increase?
The electricity price is set to increase by 5% in 2022, which is higher than the average retail price. This means that customers who use more electricity will see their utility bills increase by more than the average person.
The average monthly electricity bill in the United States is $117.46, so a 5% increase would mean an extra $5.873 per month or $70.476 per year. This increase is because of a variety of factors, including the cost of fuel, the cost of environmental compliance, infrastructure costs, and the cost of operating the electricity system.
Shop Around for Best Electricity Rates
The electricity prices are increasing and you need to know how this will affect your monthly budget. You should shop around for the best electricity rates to make sure that you are getting the best deal possible. Also, factor in the price of electricity when you are choosing an electricity provider.
Remember, the cheapest electricity plan is not always the best option. You also need to consider things like the length of the contract, exit fees, and any special offers that may be available.
Ways to Save Money
There are ways to offset this utility rates increase and save money on your monthly electricity bill. By following these tips below, you can ease the financial burden of the electricity increase in price.
Take Advantage of Solar Energy
Many people are turning to solar energy to save money on their energy bills and if you want to learn more, do your research to see what’s the best option for you.
Solar energy is a renewable resource that you can use to power your home or business. Solar panels convert sunlight into electrical energy that can be used to run appliances and lights.
Look For Energy-Efficient Appliances
The increased cost of electricity will be passed on to consumers as higher prices for energy-efficient appliances. Look for energy-efficient appliances that have the “Energy Star” label to be sure that you are getting the most energy efficiency for your money.
Install a Programmable Thermostat
One more way to save money is by installing a programmable thermostat. A programmable thermostat can save you money by automatically adjusting the temperature in your home based on the time of day and your schedule. You can also set it to a lower temperature when you are away from home or sleeping, and a higher temperature when you are home and awake.
Watch Out for Electricity Price Increase
The electricity price increase is a necessity to ensure the future of the state’s electric grid. Yet, there are things you can do to help offset the cost.
For more useful articles and advice, continue reading the other blog posts on our site!