CONSERVATION CONCERNS AND SUPPLY/ DEMAND DYNAMICS ARE DRIVING EVER- INCREASING UTILITY COSTS.
RECORD BREAKING UTILITIES COSTS On top of all of that, conservation concerns and supply/demand dynamics are driving ever- increasing utility costs. From 2010 to 2019, water prices went up by about 60% for a family of four. Electricity costs have spiked recently, partially due to the current crisis in Ukraine, and those costs are expected to increase. Per a recent piece on CBS News, “About 20% of U.S. households have missed or made a late payment on their utility bill in the last month,” according to a recent Bank of America report. Not surprisingly, families with an income of $50,000 or less are struggling the most to absorb higher energy costs. Geographically, residents of Dallas and Houston are seeing some of the highest utility bill hikes this summer — up 23% when compared to the same period last year.
“Higher energy prices brought on by the Russia- Ukraine war are partly to blame for the late or missed payments,” BofA said. “Customer utility bills rose about 16% in August compared to the same month a year ago,” according to the report. The increases are expected to continue as National Grid, Con Edison, Florida Power & Light and other power companies have already signaled their plans to raise prices. Earlier this month, the National Energy Assistance Directors Association estimated that the average household will pay about 17% more this winter to heat their property, a 10-year high of about $1,200 per home. Electric bills are also set to rise, with the U.S. residential price of electricity expected to climb 14.8 cents, a 7.5% jump from 2021, according to the U.S. Energy Information Administration. 17 % This winter for heating 7.5 % Increase from 2022
60 % From 2010-2019 16 % Higher in Aug 2022 vs Aug 2021
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