Energy Costs by State (2024)

from WalletHub, Jul 1, 2024

Get ready to crank up your air conditioner — and utility budget. Last summer was the hottest on record, and this year is predicted to break that record. Coupled with inflation, this heat wave will eat into many Americans’ wallets. For example, electricity prices went up by 6.2% in 2023 and are only expected to drop slightly in 2024, which is bad news for anyone who wants to blast the AC.

To better understand the impact of energy on our finances based on where we live and how much we use, WalletHub compared the total monthly energy bills in each of the 50 states. Their analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.

Best vs. Worst

• Hawaii has the lowest average monthly consumption of electricity per consumer, which is 3.1 times lower than in Louisiana, the highest.
• Washington has the lowest average retail price for electricity, which is 4.2 times lower than in Hawaii, the highest.
• Idaho has the lowest average residential price for natural gas, which is 7.2 times lower than in Hawaii, the highest.

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