When it’s after 9 p.m., it’s time to turn on her dishwasher and crank up her air conditioner to cool down the Houston nights. By running the appliances in off-peak hours, the tactic is supposed to save her money. Still, in the past two months, she says her electricity bill has doubled, up to at least $400.
What's next for SpaceX as more shares enter the market and capex jumps Play video: What's next for SpaceX as more shares enter the market and capex jumps “Everything just keeps going up,” Bustos told MarketWatch. She’s been leaning on her credit cards more to make ends meet. I would like to receive updates and special offers from Dow Jones and affiliates.
I can unsubscribe at any time. Expensive utility bills have become an increasingly sharp thorn for Americans’ wallets, but warmer weather this winter and energy assistance programs can help. Average heating costs for U.S. households are expected to rise by 8.3% this winter compared to last winter, according to a recent report from the National Energy Assistance Directors Association, a policy group for state directors of the federal Low-Income Home Energy Assistance Program.
Those who use heating oil to heat their homes, however, may see their costs rise by 50% this winter, the report said. Families are facing an “energy affordability crisis,” said Mark Wolfe, executive director of NEADA, with electricity prices continuing to rise faster than inflation and households using heating oil for heat facing an “extraordinary price shock.” At the same time, utilities across the country have requested $23 billion in rate increases through September. This includes a record-breaking $4.5 billion in rate increases during the third quarter, according to PowerLines, a consumer-education organization.
For working families and seniors living on Social Security, “there simply isn’t enough room in the household budget to absorb increases of this magnitude,” said Wolfe. The forecasts and rate-hike requests come in a midterm-election season where everyday living costs are a major campaign theme. Utility costs are up there with healthcare, gas prices and food costs when it comes to consumers’ affordability worries, a KFF poll showed Tuesday.
Half of voters said they were at least somewhat worried about paying for monthly utilities, including 18% who said they were “very worried” about being able to afford the necessary costs. It could be a while before the latest rounds of rate-hike requests filter into utility bills, said Charles Hua, founder and executive director of PowerLines. It’s still not clear how many public-utility commissions will ultimately approve of the requests.
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