You’ll also have to pay for your utilities like gas, water, electricity, and Wi-Fi in addition to your monthly rent and any lease signing fees. They can cost you hundreds to thousands of dollars annually when added together. The average cost of utilities across the U. S. is approximately $240 for a renter, not including cable, internet, or streaming. If you include them, your monthly expenses could easily exceed $300 or even $400.
The most expensive utility for the average home is electricity, which typically costs between $114 and 117 per month. Of course, this amount may change depending on your energy usage, the state in which you reside, the size of your house or apartment, and whether you share it with any roommates.
But even though electricity is typically the most expensive utility, you can save the most money there if you have the right energy-saving plan in place.
You should be aware of how much it will cost to power a one-bedroom and two-bedroom apartment, as well as how to reduce those costs.
How can I budget for my electric bill?
A common budgeting strategy is the 50/30/20 rule, which advises users to allocate 50% of their monthly after-tax income to needs, 30% to wants, and 20% to savings and debt repayment. Users of the method would allocate 50% of income to essential utilities, including electricity, and other necessities like food, housing, and transportation. Electricity is regarded as a “need.”
Here is an example of how the breakdown might appear for someone making $2,500 per month:
How much is the average electric bill?
In 2021, the average U. S. the average U.S. household spent $122 per month on electricity, and S. resident consuming 892 kilowatt-hours per month, according to the U. S. Energy Information Administration.
The average price of an electric bill varies by state, and some are more affordable than others. According to the EIA, Hawaii is the most expensive state for home energy use, while Utah is the least expensive. Additionally, the EIA states that a variety of factors, such as the prices charged by power plants, fuel, the weather, demand, and regulations, affect electricity rates.
Like a water bill, the cost of an electric bill is largely determined by the rate of consumption and the effectiveness of the appliances. The size and physical characteristics of your home are among the additional elements that affect overall cost. Living in a larger space, like a single-family home, will typically cost more in terms of energy than living in a smaller space, like an apartment. Your electric bill may go up if you use a variety of appliances, especially those that are inefficient.
The District of Columbia had the lowest energy costs at $217 per month, while Connecticut had the highest at $411 per month, according to the report. Source:
The average monthly energy bill in New York was $303, the same as in Wisconsin and Nebraska.
Using a formula that takes into account the following residential energy sources: electricity, natural gas, motor fuel, and home heating oil, these were compared.
A recent report released by the personal financial website WalletHub, 2021’s Most and Least Energy-Expensive States, determined energy consumption and costs in each of the 50 states and District of Columbia.
Why Your Electric Bill Is So High — and Could Keep Climbing | WSJ
FAQ
What costs the most on your electric bill?
- Heating and cooling: 45–50% Your heating and cooling appliance uses the most electricity in the typical household.
- Water heater: 12% …
- Lighting: 9-12% …
- Refrigerator: 8% …
- Washer and dryer: 5% …
- Electric oven: 3% …
- Dishwasher: 2% …
- TV and cable box: 2%
How much does the average American spend on electricity per month?
How much does the average monthly electric bill cost in each state? California has an average monthly bill of $13,591,152102. 90Colorado2,326,97683. 90Connecticut1,503,701153. 46Delaware432,449122. 43.
How much is electric monthly UK?
What is the typical monthly electricity bill? In 2021, the average annual electricity bill (Opens in a new window) was £764 based on 3,600 kWh of consumption. That’s £64 per month, an increase of 7. 5% on 2020. That brings the average annual cost of gas and electricity to £1339 in total.
How much electricity does New York use?
On average, New York City consumes 11,000 Megawatt-hours of electricity daily. One megawatt is equivalent to 1,000 kilowatts, or one million watts, and is sufficient to power 100 homes. So New York uses 11 Billion Watt-hours per day…. now cover those rooftops with Solar!.
Reference:
https://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf
https://www.nerdwallet.com/article/finance/average-electric-bill-cost