Summer electric bills sizzle as the cost of cooling climbs
Electricity prices are rising faster than inflation, leading to increased utility bills this summer. Forecasters predict an average increase of 8.5% in electricity costs, particularly affecting residents in Southern states. Families are struggling to manage their budgets as they face higher cooling costs amid a potentially record-hot summer.
- ▪Electricity prices have risen more than 6% in the last year and 39% over the last five years.
- ▪The National Energy Assistance Directors Association projects an average increase of 8.5% in electricity bills this summer.
- ▪Many families are resorting to cutting expenses in other areas to cope with rising utility costs.
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Economy Summer electric bills sizzle as the cost of cooling climbs May 23, 20266:00 AM ET Scott Horsley Electricity prices are climbing faster than overall inflation. That, coupled with a hotter-than-usual summer, has forecasters warning of a sharp jump in utility bills. Brandon Bell/Getty Images hide caption toggle caption Brandon Bell/Getty Images Temperatures are climbing, and so is the price of electricity. That's a one-two punch that could result in sharply higher utility bills this summer. "Climate scientists think this could be the hottest summer on record or at least close to it," says Mark Wolfe, who heads the National Energy Assistance Directors Association (NEADA). "So families need to use more of an increasingly expensive product to stay cool this summer.
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