Connecticut Energy Costs Nearly Double Those Of Washington via WalletHub
Get ready to crank up your air conditioner — and your utility budget. July tends to be the hottest month of the year. So if your heat-averse body forces you to be more consumptive than conservative, this month’s much-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 make up a larger part of the math. Electricity might be cheap in Southern Louisiana, for instance, but its scorching summer weather could still result in higher costs for its residents than 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’s analysts compared the total monthly energy bills in each of the 50 states and the District of Columbia. We constructed the ranking using a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.