Home Cooling Costs Expected to Hit 10-Year High This Summer
Bills may go up by almost 8% during the summer months.
Brace yourself, home energy bills, like seemingly everything else, are going to be going up this summer.
Cooling your home is going to cost a lot more this summer. According to a new report from the National Energy Assistance Directors Association and Center for Energy Poverty and Climate, home cooling costs are projected to increase 7.9% nationwide between June and September. During those months, the average cost for cooling a home in the US will be $719, which is up from $661 last year. The price increase is the highest in 10 years.
Read more: Compare Your Energy Choices and Electricity Rates by State
Last year was the hottest summer on record, and it's likely that this summer will be even hotter. The National Oceanic and Atmospheric Administration predicts a 55% chance that 2024 will have the highest summer temperatures in the 175 years that they've been measured.
Read more: We Just Saw the Warmest February on Record, and It's Following a Trend
At the same time, NEADA and CEPC report that the Low Income Home Energy Assistance Program has been cut back by $2 billion. Typically, 80% of that fund is used for home heating expenses, leaving only 20% for cooling energy costs. The fund's reduction means that approximately 1 million fewer households will receive assistance from the program this year.
Read more: Read This Document Before Choosing Your Electricity Plan
NEADA calculated this projected increase in cooling costs with the help of temperature data compiled by the NOAA and electric usage and price data supplied by the US Energy Administration Information. The report adds that 20% of low income families don't have air conditioning at home and 33 states have no summer shut-off protections. Both can lead to dangerous health conditions from prolonged exposure to extreme heat.
Read more: Window Air Conditioner Buying Guide: 5 Things to Know Before You Buy
Now is also a good time to compare your energy choices and electricity rates and consider a renewable energy supplier or even off-grid living. You may be able to save money by switching to a different electricity provider, if you live in a deregulated area.
Extreme weather will continue affect our lives and budgets, especially in the summer. For more about how the impact of climate change affects homeowners and how to weather the storm, read our CNET Zero series.