Energy costs: This is the state that's paying the most
Heating costs are yet another thing eating a portion of consumer wallets, especially for those living in regions experiencing scorching summer temperatures.
Wyoming, by quite a margin, had the biggest energy bill overall. Total energy costs for consumers in the state sat at $1,591, according to WalletHub's analysis. The state ranked the highest in two categories: monthly motor fuel costs and monthly home heating oil costs. Those costs sat at $278 and $1,087, respectively.
However, the state ranked 45th for monthly electricity costs and 13th for monthly natural gas costs.
By contrast, the state with the lowest was New Mexico with a total energy bill of about $376, according to the analysis.
According to the U.S. Energy Information Administration (EIA), the average U.S. residential electricity price rose 6.2% in 2023 from the year prior.
On top of that, the EIA projected that consumption of electricity in the United States will increase by 3% in 2024, and by 2% in 2025, given the increased demand for air conditioning based, in part, on the "assumption of warmer temperatures in the forecast."
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In fact, on Monday, the National Weather Service (NWS) posted on X that "dangerous heat is likely" to hit parts of the southern and southeastern U.S. and in parts of California and the Desert Southwest this week.
WalletHub compared the total monthly energy bills in each of the 50 states in order to understand the impact of energy on consumer finances based on where they live.
The analysis takes into account the following residential energy types: electricity, natural gas, motor fuel and home heating oil.