If you’re like most people, you dread opening the envelope that contains your monthly electric bill. You expect to pay a certain amount each month and when it’s suddenly higher than normal it can be both confusing and frustrating. Trying to figure out why your electric bill is so high can involve some detective work and require a bit of knowledge about your home’s energy consumption. In this blog post, we’ll explore some potential reasons why your electric bill might be higher than usual and provide some helpful tips for reducing your monthly energy costs.
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Matias Vernengo, economics professor at Bucknell University in Lewisburg, Pennsylvania, agrees. “Prices of natural gas and oil are set in international markets, and they have spiked a bit before the war, and decidedly after tensions increased. Russia is one of the largest exporters of refined oil and natural gas,” he says.
Whaley notes that China and India have turned the tide and now produce 60% and 75% of their electricity from coal, respectively. While Russia accounts for only 5. 6% of the world’s coal production, it’s important to note that they produce 11% of the world’s oil, and the loss of this supply source has had a significant effect on the global energy market. ”.
There is a lot of pressure on electric companies to prevent blackouts. Utilities invest in their grids to strengthen any weak points as much as possible. For instance, many of California’s utilities are investing billions of dollars to try to stop power lines from sparking wildfires.
Still, the news may not be all bad. According to a short-term energy outlook from the U. S. Natural gas generation is anticipated to decrease from $4 billion in 2022, according to the Energy Information Administration. 16/MMBtu in 2022 to $3. 80/MMBtu in 2023. (MMBtu is short for million British thermal units and indicates how much energy a fuel contains.) ).
The National Energy Assistance Directors Association (NEADA) estimates the average family may pay more than $1,200 to heat their home this winter. Thats $175 more than last winter, which is notable considering that nearly 40% of families are already feeling financially strapped, according to a new NPR/PBS NewsHour/Marist poll.
Additionally, there is a geopolitical case for increasing supplies to Europe. Large-scale economic disruptions in the European Union, a significant trading partner, could cause aftershocks in the United States.
Although it would take some time, in the long run it would allow Europe to stop depending on Russia for a crucial commodity.
Until then, as the U. S. continues to export its supplies to Europe, and since demand is still high, this price increase might last for some time.
U. S. Because they stand to gain from the increase in global prices, natural gas producers have an incentive to export.
McShane said the company has payment plans that can help people struggling to pay their bill. More information on those payment plans can be found here.
The utility is advising customers on how to reduce their heating costs, including switching from inefficient conventional light bulbs to more effective LED lightbulbs, washing clothes in cold water, operating appliances at night, changing window coverings seasonally to ones that are lighter in color to better reflect the sun’s energy, ensuring that heating vents are not blocked by furniture or carpets, and lowering thermostats to the lowest comfortable setting.
And at Con Edison, we don’t turn a profit on the commodity. We basically charge customers what we pay for it without making a profit because we buy it at the wholesale market, he said. Sadly, it has increased, and we want to let people know about it. â.
According to a press release from the utility on Friday, customers using an average of 165 therms of natural gas per month should expect to pay about $460 per month from November 2022 to March 2023, a 32% increase over the average bill from the previous year of $348. An average residential customer in New York City who consumes 300 kilowatt hours of electricity per month is anticipated to pay about $116 on average, a 22% increase from the average bill from last year of $95
Con Edison is cautioning clients to anticipate higher gas and electric service costs this winter.
Why Your Electric Bill Is So High — and Could Keep Climbing | WSJ
FAQ
What raises your electric bill the most?
- Devices Drawing Phantom Energy. …
- Using Old, Inefficient Appliances. …
- Lighting Your Home With Traditional Incandescent Bulbs. …
- Leaving Lights or Appliances On. …
- Putting Significant Demand on Your HVAC System. …
- Using a Lot of Hot Water. …
- Staying Indoors More. …
- Greater Use of Devices.
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%
What uses the most electricity in the house?
- Wet appliances. Taking the top spot on our list, washing machines, dishwashers, and tumble dryers consume 14% of the average energy bill.
- Cold appliances. …
- Consumer electronics. …
- Lighting. …
- Cooking.
What is the average electric bill in NYC?
Electric bills in New York In New York, the average residential monthly electric bill is $214, which is determined by multiplying the average monthly consumption by the average electricity rate: 1,028 kWh * 21 /kWh.
Reference:
https://www.sparkenergy.com/5-reasons-your-electric-bill-is-so-high/
https://www.ny1.com/nyc/all-boroughs/news/2022/09/10/con-edison-warns-consumers-of-expected-higher-winter-prices