Where You’ll Pay the Most in Electricity Costs

August 22, 2014

Home owners may find higher electricity costs are taking a bigger chunk from their wallet. The average price of electricity to residential customers reached its highest point in May than in the past two years, increasing 3.4 percent year-over-year, according to the U.S. Energy Information Administration.

In May 2012, customers were paying an average of 11.90-cents per Kilowatthour nationally. Flash-forward to May 2014, customers are now paying 12.84-cents per Kilowatthour.

The New England region has seen some of the largest price increases year-over-year. Prices in the region have soared 11.31 percent in the past year. The Middle Atlantic had the second highest year-over-year increases at a 5.53 percent increase from May 2013 to May 2014.

The seven most expensive states for electricity costs are:

  • Hawaii
  • New York
  • Connecticut
  • Alaska
  • Vermont
  • Rhode Island
  • New Hampshire

Meanwhile, in these seven states you can expect to pay some of the lowest costs for electricity:

  • Washington
  • Idaho
  • West Virginia
  • North Dakota
  • Arkansas
  • Louisiana
  • Montana

Source: “States Where Average Electricity Costs could Electrify Your Wallet,” BUILDER online (Aug. 20, 2014)