Sweating the Energy Details Pays Off

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If you don’t think it’s hot, check your electric bill. According to a WalletHub study, July produces the highest energy bills. Some 25 million households spend 22 percent of their total after-tax income on energy.

To better understand energy costs relative to where we live and how much we consume, WalletHub analyzed average monthly energy bills for each of the 50 states and the District of Columbia.

Here’s how Texas fared (1 is most expensive, 25 is average).

• 28^th  – Avg. Monthly Energy Bill: $289
• 8^th– Price of Electricity
• 14^th– Electricity Consumption per Consumer
• 41^st – Price of Natural Gas
• 40^th– Natural-Gas Consumption per Consumer
• 26^th– Price of Motor Fuel
• 17^th– Motor-Fuel Consumption per Driver

Connecticut ranked No. 1 in total monthly energy cost ($404). Washington was last ($218).

​The Lone Star State ranked second nationally in lowest home heating-oil consumption per consumer. We were second to Hawaii. Maine has the highest consumption.

 But if you’re thinking the worst is over because we are more than halfway through July, think again. August is the second highest energy cost month.

WalletHub asked a panel of experts for tips on saving money on energy bills. Here are some of their replies.

"Everyone can cut energy bills by investing in energy efficiency. Replacing old lightbulbs with high-efficient LEDs pays off very quickly – almost always within a year or two." Daniel Esty, Yale University.

"Basically there are two strategies to lower energy bills. Switch energy sources or energy conservation. Conservation leads to the lowest cost options. Simple things like being judicious with the thermostat, taking shorter showers, and turning lights off in unused spaces save money immediately at no cost. In the case of gasoline bills, just slow down." James G. Baldwin, Boston University.

"Use an individual desk fan and save shopping trips to reduce miles driven – or walk or bike. These are small things, but they can make a difference, especially if your electricity is being priced at peak demand market prices on really hot or cold days." Jacqueline Weaver, University of Houston.

 In the WalletHub research, experts also answer questions such as: What makes energy costs higher in some states than in others? Are tax deductions and credits effective at incentivizing households to be more energy-efficient? Do you believe the government should continue to provide energy assistance to low-income households?