How Much Does the Average Family Pay for Electricity
According to the U.S. Free energy Information Administration, the average monthly residential electric bill for Americans was $111.67 in 2017 – the latest year the organization has information for. However, several factors such as location and home size will bear on the toll of your electric bills. We'll tell you all you need to know nearly the boilerplate cost of your electrical bills. We'll also explore some means you tin can cutting down on energy costs. We can as well help you find a fiscal advisor to guide you through every attribute of your fiscal life.
The Average Electric Neb
In 2017, the average residential monthly electric bill was $111.67 in 2017, co-ordinate to the Energy Information Administration (EIA).
If you suspension downwardly electric bills to kilowatt per hour, information technology translates to about 13 cents. Nonetheless, electricity nib prices can vary widely across different parts of the land.
In fact, electric bills tend to climb from North to South and from the West Declension to the East Coast. If you live in a region with more cooling degree days, you can expect your electric beak to be college than those in places with less of these days.
Prices also vary by state based on consumption levels. The ane that consumed the nearly in 2017 was Louisiana. The price of electricity use in the U.S. in 2017 ranged from 8.66 cents per kilowatt hour to 37 cents per kilowatt 60 minutes.
Breaking Downward the Average Electric Pecker
Multiple factors affect the size of your electric bill. But the two nearly important things that make up one's mind how much you pay are energy consumption and electricity rates.
The more people you lot accept in your household, the more electricity you'll likely apply. Then if your cousin or your best friend from college plans to shack up with you for a month, be prepared. Yous could see a more expensive electrical nib. If you tin't decide whether to buy a house or go on renting, consider the fact that you'll probably see your electric bill go up if you choose to become a homeowner.
Check out our rent vs. purchase calculator.
Conditions plays a role also. You might pay the most for power in the summertime when rates are higher due to an increased demand for electricity and the college price that comes with needing to generate more than electricity. If bad weather knocks downwards power lines or more than people need to use electricity to keep themselves warm during a snowstorm, your bill could exist higher than normal.
Electricity rates can also change depending on fuel costs and the cost of delivering electricity and keeping ability plants running. While the price of supplying electricity can rise and fall from one minute to the next, in most cases, that cost is based on seasonal averages. Rates differ past region and state due to factors similar differences in climate, ease of distribution, local price regulations and access to natural gas.
The electricity rates that utility companies charge are measured in kilowatt-hours. A single kilowatt-60 minutes provides enough ability to go along a 100-watt light bulb shining for 10 hours. That'southward the equivalent of using a computer for 5 to ten hours and watching ten hours of TV.
How to Lower Your Monthly Nib
If you're sick of spending a big clamper of your income on electricity, you lot tin do something most information technology. It's a practiced thought to keep runway of your electric bills so you can run across how your prices vary over fourth dimension, particularly if your rates aren't fixed. If a competitor offers better rates, you might desire to consider switching over.
If your utility company charges different rates at different times of the day, that'due south something that you lot'll need to be aware of. For instance, electricity rates tend to be higher earlier in the evening and in the afternoon. That's because the demand for free energy tends to be higher so. Using less electricity during those hours might reduce your bill significantly.
Believe it or non, your devices can use upwardly electricity equally long as they're plugged in, fifty-fifty if they're turned off. Certain appliances and electronics, like computers, suck upwardly more than energy than others when they're on standby fashion.
Plugging devices into surge protectors that you turn off tin brand a big departure. And then can washing clothes in common cold water, turning downwardly your thermostat and buying energy efficient bulbs and appliances. At that place are even apps similar MyEarth that make it easy to monitor your energy consumption.
Related Article: States Leading the Charge on Renewable Free energy
The Takeaway
Based on the numbers, we can predict that average electricity rates volition rising in the near future for households across the country. While the prices that your electricity provider charges might be high, you can economize. It'south possible to reduce the size of your electric nib past making a conscious attempt to unplug what you're not using and picking up other habits that save energy.
Savings Tips
- If you want to cut back on more than just electricity, create a budget and come across where you tin reduce your spending. Our budget calculator and savings calculator can help.
- And if saving money is at the forefront of your mind, y'all might likewise consider working with a financial advisor. A financial counselor can help you with tax planning, income planning and retirement planning. This expert can help ensure you're making the all-time financial decisions along the way. The SmartAsset advisor matching tool tin can aid yous find a person to work with to come across your needs. First y'all'll answer a series of questions about your situation and your goals. Then, the program will narrow downwardly your options to upwards to three fiscal advisors. You lot can then read their profiles to learn more about them and interview them on the telephone or in person. And then you lot can cull which one to work with in the future.
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