Once again, I monitor my residential electricity costs.
As always, weather is a factor in consumption, which is why a rolling average is also important. Currently, that 12 month rolling average is +0.6% above last year. Which might indicate the cost running slightly below last year, when factoring in the following.
[I suspect it might be lower, as I altered the thermostat settings in December of 2022. I adjusted the nighttime heating settings from 68°F to 72°F, which would increase the usage in winter time. Daytime heat settings remained at 72°F.Cooling settings remain at 76°F daytime and 72°F for nighttime. Additionally, the number of days between meter readings vary.]
Currently, the 2023 average is above last year, but that is with 3 more months of bills to follow, which are generally... sightly lower than current average. Also, it should be noted that year over year... or base effects come into play, which tends to hide the overall increases.
So what might seem like good news, still carries quite a bite on the budget. The CPI-U suggests that the average consumer spends about 2.559% of their expenses on electricity... or about $150 per month.
My average is significantly short of that dollar amount, percentage wise. However my electricity expenses, compared to overall expenses, is well north of 2.559%. Which means other items in the expenditure basket are constrained.
While it (electricity costs) might end up being below last year, the cost of that electricity has surged 11.6% since February, 2021. I don't expect it to fall back to levels of that time.
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