They say that, 'Change is the only constant.' That's as true for economics as it is for fashion or politics. As the post-pandemic economy evolved and consumers adapted to average inflation rates as high at 8% — with prices on specific products such as insurance ballooning even more — it become increasingly urgent for businesses and households to scrutinize their budgets for potential savings. One place insureds might find savings is in their utility and energy bills. Consider that although electricity costs swelled 6.2% in 2023, according to WalletHub, those prices are expected to fall in 2024. WalletHub recently set out to determine how big of a chunk utility costs take out the average home budget. In doing so, Financial Writer Adam McCann discovered a wide gap between what individuals and businesses pay for utilities from one state to the next. WalletHub looked at average monthly electricity, natural gas, vehicle fuel and home heating costs in each state to determine which U.S. states pay the most for utilities overall. The slideshow above illustrates average monthly utility costs in the 10 states where these costs are the highest in the U.S., according to WalletHub. See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
