Our latest winter was one of the most expensive times in American history. Data study from Saveonenergy.com says higher utility bills are to blame. Inflation is causing many of us to pare down and do without . Energy Expert at SaveOnEnergy.com Hannah Hilson says their years of surveys conclude it's getting worse. "Electricity prices and energy prices have increased 5.2% year-over-year according to the Consumer Price Index and grocery prices have gone up 9.5%"
Inflation is Crushing the Middle Class
The energy price jump is due to high-priced natural gas, and groceries from the rising costs of everything from shipping to store salaries. Hilson says many are using savings for everyday needs. "The majority of homeowners and other Americans are very concerned about the rising cost of living."
She says electricity, gas service, and water rate the highest cost growth. "Within all three of our last studies, those who are making under $40,000 a year are hit hardest by the rising cost in utilities." Electricity prices have jumped over 15% in the last year, largely as a result of high-priced natural gas, which is used to generate nearly 40% of the nation's power.
Results from the Latest Saveonenergy.com Survey
- 68% of all U.S. homeowners have noticed higher electricity prices than they're accustomed to over the winter months
- Electricity was the most noticeable price increase followed by utility gas service (52%), water (45%), and cable services/ TV subscriptions (41%).
- 91% of all U.S. homeowners have taken at least one measure to reduce home energy costs
- 77% turned off lights when not in use and 56% utilized energy-efficient lightbulbs
- Homeowners with a household income under $40,000 were the most affected by the rise in cost:
- 45% had to cut one or more essential expense
- 59% had to cut one or more non-essential expense
- 48% had to dip into savings
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