Comparing which of your appliances eat up electricity? Which areas of the country have big bills?
A/C is the elephant in the room. Hang out in your speedo and wear an ice vest. Turn off the A/C and watch your energy savings explode.
Cheapest and Most Expensive Appliances to Run Each Year
Published: 9th January 2023, MoneyTransfers.com 17:46
In 2022, energy prices around the world jumped by an enormous 60% following Russia’s invasion of the Ukraine, leaving many households within the US and around the globe struggling to budget for the sudden increase in energy bills. In 2023, prices are predicted to fall by 11% – leaving many households still struggling to make ends meet to pay off record-high energy bills.
Here, MoneyTransfers.com has calculated some of the cheapest and most expensive items to run around the home based on the latest electricity costs regionally in the US. Jonathan Merry, CEO of MoneyTransfers.com, comments:
“Many households are looking for ways to save money on their energy bills amidst the rising cost of living worldwide – and our hope is that this data will educate people on what everyday household appliances have the biggest impact on energy usage.
While the colder months may see an obvious hike in bills due to the increased use of central heating and electric radiators, it’s very clear that households living in warmer climates in the US need to be just as cautious about their use of air conditioning, which has the highest overall electricity consumption out of any other appliance we reviewed.”
Most Expensive Region for Electricity
In the US, electricity rates are regulated at a state level, which can mean there is a huge variance in price across different areas in the US – plus, factors such as population density and transmission can also come into play. As of the latest data (released in November 2022) from the US Bureau of Labor Statistics, states in the West region are currently experiencing the highest cost of electricity per kilowatt hour (kWh) at $0.18. Within the West, states in the Pacific region in particular are paying the highest prices of all, with the average cost of electricity per kWh in Los Angeles being $0.25.
In contrast, states in the South are paying $0.15 per kWh, the Northeast averages $0.16 per kWh, and the Midwest has the cheapest electricity costs at just $0.14.