Not only is it summer up in the northern hemisphere, but July is the hottest month of the year, costing folks hundreds of dollars on their energy bills. In the United States alone, 7.1% of the average consumer’s total income is spent on energy costs and other utilities such as fuel, natural gas, and electricity. Couple this amazing statistic with the season’s intense heat and its easy recognize the financial burden of living in an energy expensive state, especially if this coupled with a long, scorching summer.
It is worth noting, however, that lower prices do not always correlate with lower costs, as energy consumption is the ultimate determining factor. Florida may have a lower cost electricity than Texas, but homeowners may wind up paying a higher overall cost to stay cool in a state that’s largely humid subtropical climate most year round.
WalletHub, a source of financial information for consumers and small business owners, has identified and ranked all 50 U.S. states and the District of Columbia based on their energy efficiency to help the public make more informed decisions. Six metrics were used to sort states from highest to lowest monthly energy bill, including price and consumption of electricity, price of fuel at the pump, and number of miles driven.
Comparing the data in its entirety reveals some startling facts otherwise unnoticed when looking exclusively at one type of energy cost. For example, Oklahoma’s monthly heating cost is an average of $36, whereas Alaska’s is $137; however, Oklahoma is ranked lower in terms of overall energy cost because its fuel cost is double that of Alaska’s.
Least Expensive States
1 Colorado
2 Washington
3 Montana
4 Rhode Island
5 Nebraska
6 District of Columbia
7 Pennsylvania
8 Arkansas
9 Delaware
10 Iowa
Visit WalletHub.com to view the complete report and find out if your state is one of the most expensive.
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