Americans will be cranking up their air conditioners this month as hot weather dominates across most of the country. That’s not surprising given that July is typically the hottest month of the year and total energy consumption typically peaks during the month.
Total energy costs include more than your electric bill. Researchers at WalletHub have calculated total monthly energy bills in all 50 states and the District of Columbia using a formula that includes consumption of electricity, natural gas, motor fuel and home heating oil.
Where you live and how much energy you use have a big impact on monthly costs that can command between 5% and 22% of a household’s aftertax income. The poorest households pay a larger share than the wealthier, and unit costs for a gallon of gasoline or a kWh of electricity don’t tell the whole story.
WalletHub noted, for example, that while electricity is relatively cheap in southern Louisiana, the summer heat raises costs compared to more temperate northern California where electricity is more expensive but residents don’t use as much.
With that in mind, here are the 10 states where total monthly energy costs are highest:
- Connecticut: $380 a month
- Alaska: $332
- Rhode Island: $329
- Massachusetts: $327
- Wyoming: $320
- Georgia: $310
- Maine: $308
- Mississippi: $307
- New Hampshire: $306
- Vermont: $305
And here are the 10 states where total monthly energy costs are lowest:
- District of Columbia: $219 a month
- Washington: $226
- Colorado: $228
- Oregon: $246
- Illinois: $247
- Iowa: $251
- Nebraska: $253
- New Mexico: $256
- Arizona: $257
- California: $257
The full WalletHub study includes details on highest and lowest electricity prices and consumption, along with a similar breakdown by state on motor fuel, natural gas, and heating oil. The full report also includes expert commentary on why costs vary by state and how consumers can cut their costs.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
