Published Date 7/10/2024
There are myriad reasons people might move. The cost of housing. Job opportunities. To be closer or farther away from family. But would you move for lower energy costs?
Realtor’s Jennifer Kelly Geddes thinks it’s a reason, citing how vastly energy bills vary greatly by state, according to a new survey from WalletHub.
“The survey is based on data tabulated on how much Americans across the nation spend on a variety of energy sources, including electricity, natural gas, home heating oil, and the fuel people use to drive their cars,” says Geddes. “And the state with the highest energy costs of all might surprise you: It’s Wyoming—by a mile.”
While images of Wyoming make one think of majestic Westerns and roaming herds of wild horses, its residents have to pony up an average of $1,591 a month, almost twice the amount residents pay in North Dakota, which comes in at No. 2 on the list.
“This stark difference highlights how geographical and climatic factors significantly impact energy consumption and costs,” says Cassandra Happe, a WalletHub analyst. The state’s long, harsh winters and remote landscape have Wyoming homeowners using the most heating oil and gas—and paying more for it, too.
Among the high cost energy states are North Dakota with $840 a month, Iowa at $798, Montana residents pay on average $787, and cold wintering Minnesota at $782.
Is it only a matter of cold winters that has residents paying high energy bills? Not necessarily. Electricity is also consumed at very high rates in warmer parts of the country, with Louisiana taking the top spot, followed by Alabama and Mississippi. Hawaii? “Despite having the highest prices, the state boasts the lowest consumption per consumer, which suggests that high costs may incentivize residents to adopt more energy-efficient practices,” says Happe.
If you’re looking for the state with the lowest energy costs, toddle on over to New Mexico, where residents pay a mere $376 per year. Milder winters help in some states, but others have wisely invested in efficiency and renewable sources, such as wind and solar power, slicing bills there to shreds compared to other states. Along with thrift New Mexico are Arizona, Kansas, Texas, and Nebraska, all of which hover in the $400 to $450 range per year.
Why the gigantic disparity? Geddes cites Justin Perryman, adjunct professor at Washington University School of Law, who says these costs fluctuate due to their energy sources, supply and demand, and how much competition is at play in the state based on regulatory authorities.
“States like Texas have a deregulated electricity market, so in this place and others like it, there are typically more energy providers, which often leads to more competition and lower prices,” Happe says.
But in states with a regulated energy market, like Missouri and 17 others, “the state energy authority sets the prices,” he continues.
Residents who live in deregulated markets may want to shop around for lower electricity costs and to sign up for incentives and assistance to upgrade the energy efficiency of their home, including energy audits, insulation, newer windows, and more efficient appliances.
Realtor, TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
NMLS: 258527
Mortgage Goat LLC
130 N Preston rd #318, Prosper TX 75078
Company NMLS: 258527 /133739
Office: 469-628-4544
Cell: 469-628-4544
Email: jc@themortgagegoat.net
NMLS: 258527
Cell: 469-628-4544
10/28/2024
When northern California homeowner...... view more
10/28/2024
These are the three areas that have the greatest ability to impact rates this we... view more
10/28/2024
In global news, Israel made its move on Iran this weekend attacking military ins... view more
10/25/2024
Did you know that in Scotland, a house with a red door signifies the owner has p... view more
10/25/2024
A quiet open this morning, the 10 year note at 4.20% -1 bp; UMBS price at 8:30 a... view more
10/24/2024
When we speak of home, we speak of shelter. And there is no single element that ... view more
10/24/2024
Continuing Jobless Claims hit a 3 YEAR HIGH at 1.897M which Initial Weekly Joble... view more
10/23/2024
Choosing the perfect wood or wood-look flooring for your home doesn't have to fe... view more