MA Has 14th Highest Energy Costs in U.S.
Friday, July 13, 2018
GoLocalWorcester Business Team
|MA has the 14th highest electricity costs|
According to a recent study completed by WalletHub, Massachusetts has the 14th highest energy costs in the U.S. at $315 per month.
“In the U.S., energy costs eat between 5 and 22 percent of families’ total after-tax income, with the poorest Americans, or 25 million households, paying the highest of that range. And lower energy prices don’t necessarily equate to savings. Where we live and how much energy we use are a big part of the equation. For instance, although electricity is relatively cheaper in Southern Louisiana, its scorching summer heat raises costs for residents compared with the temperate climate in more energy-expensive Northern California, where heating and cooling units stay idle most of the year,” said WalletHub.
- 28th Highest at $122 - Monthly Electricity Cost
- 8th Highest at $45 - Monthly Natural Gas Cost
- 48th Highest at $113 - Monthly Motor Fuel Cost
- 7th Highest at $35 - Monthly Home Heating Oil Cost
- 4th - Highest Electricity Price
- 47th - Lowest Electricity Consumption per Consumer
Massachusetts ranks behind Maine and Maryland, who rank 12th and 13th respectively.
Massachusetts ranks ahead of Michigan and South Carolina, who rank 15th and 16th respectively.
Wyoming is ranked as the most expensive state for energy, while the District of Columbia is ranked as the least.
See the Full Rankings in the Map Below
In order to determine the most and least energy-expensive states, WalletHub compared the average monthly energy bills in each of the 50 states and the District of Columbia using the following equation:
(Average Monthly Consumption of Electricity * Average Retail Price of Electricity) + (Average Monthly Consumption of Natural Gas * Average Residential Price of Natural Gas) + (Average Monthly Consumption of Home Heating Oil * Average Residential Price of Home Heating Oil) + (Average Motor-Fuel Price * (Miles Traveled/Average Motor-Fuel Consumption/Number of Drivers in the State)) = Average Monthly Energy Bill in the State