Rising energy rates:
Energy rates continue to increase year after year. In 2022 alone, energy rates have gone up over 8% since 2021, being the biggest annual increase in over 10 years. Experts expect this winter to be very costly in terms of paying utility bills to power companies. There are several reasons for this. One of those reasons is that power companies are still experiencing the effects of the pandemic, struggling to source materials and workers necessary for their businesses. Another reason for this is because of the war in Ukraine: this has increased the already high cost of natural gas, which is burned to produce approximately 40% of electricity in the U.S.
The U.S. Energy Information Administration estimated that the about half of
American homes that use natural gas to heat their homes will spend 28% more to do so this winter. They say that those using electricity will pay about 10% more. These electric companies are planning to increase rates:
- Georgia Power to increase 12% over the next 3 years
- Dominion Energy to increase 14% in certain states
- Duke Energy by 7%
- According to S&P Global,nationwide investor-owned utilities have requested rate increases to about $12 billion
So what can you do?
Here are some ways you can combat rising energy rates:
- Go solar before winter hits. Getting solar panels installed on your home with certain companies is a guaranteed $0 down with promises of a 30-50% decrease in monthly power bills. Going solar before winter will prevent you from paying the increases in prices.
- Buy energy-efficient products. LED bulbs are the most energy efficient lightbulbs, using 75% less electricity than incandescent bulbs while lasting 25 times longer. Incorporate more natural light into your home when possible.
- Unplug appliances you aren’t using. Computers are one of the biggest energy consumption appliances. Even when these are turned off, televisions, microwaves, and printers still use standby power.
- Use your washer/dryer as little as you can. Hang your clothes to air dry instead of using a dryer. Use cold instead of hot water in the washing machine when possible. Only wash full loads of laundry instead of multiple small ones.
These tips can help you combat the now and future increasing energy prices.