Throughout 2022, many residents and businesses have experienced the burden of high electricity costs. Have you noticed larger electric bills than months or years past? This could be the result of one or several factors.
Electric rates are rising across the nation.
The cost of electricity - and wholesale power prices, generally - are rising across the country due to factors like higher natural gas prices. On average, Americans will pay about 15 cents per kilowatt-hour of electricity in 2022. As the US Energy Information Administration reports, this is an 8% increase from just last year. Some customers have seen electric supply rates increase at an even faster rate. For example, Ameren electric customers in Illinois saw residential electricity rates per kilowatt-hour jump from around 5 cents in May to around 9 cents in June.
To learn more about the factors impacting your electric utility costs, see the following resources:
To learn more about energy trends and tips to reduce electricity costs, we encourage you to check out resources like the US Energy Information Administration and the US Department of Energy.
A Community Solar Sunscription helps you have more control over your energy costs.
As energy supply and prices fluctuate and respond to global and local changes, your Community Solar Sunscription allows you to have more control over your energy costs. With Sunscription, you receive Solar Credits on your electric bill for each unit of energy your share of the Solar Garden produces, reducing your overall electric costs.
For more information regarding what you're seeing on your statements and how your savings work, see this article. Check out our state-specific resources here.