Get ready to crank up your air conditioner — and utility budget. July tends to be the hottest month of the year. So if you’re trying to beat the heat, this month’s higher-than-usual power bill could burn a hole through your wallet.
In the U.S., energy costs eat between 5 and 22 percent of families’ total after-tax income, with the poorest Americans, or 25 million households, paying the highest of that range. And lower energy prices don’t necessarily equate to savings. Where we live and how much energy we use are a big part of the equation. For instance, although electricity is relatively cheaper in Southern Louisiana, its scorching summer heat raises costs for residents compared with the temperate climate in more energy-expensive Northern California, where heating and cooling units stay idle most of the year.
To better understand the impact of energy on our finances relative to our location and consumption habits, WalletHub compared the total monthly energy bills in each of the 50 states and the District of Columbia. Our analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil. Read on for our findings, tips and insight from a panel of experts, and a full description of our methodology.
Click Here to see the entire story – Source: WalletHub
Want to get in on the action? Click here.