More Than 60% of U.S. Households Feel They’re Paying Too Much For Electricity





Stressed woman looking at papers

For the second year in a row, the majority of U.S. households think their electric bills are too high.

New data from market researcher Parks Associates shows 60% of U.S. households think they’re paying too much for electricity. The firm will host dozens of experts from Big Tech and energy companies, including Arcadia, Google, GAF Energy, SmartRent, and ConEdison, to speak on solutions to spiking utility costs at the Smart Energy Summit on February 27 and 28. 

Image credit: Park Associates

The summit will feature Parks Associates’ most recent consumer research, diving into the main factors inspiring consumers to adopt energy management solutions. The report offers insight into different strategies to deliver new smart energy solutions to consumers.

The companies will discuss energy saving options, such as installing smart thermostats, to cull rising bills.

“Adoption of smart thermostats is starting to trend upward after years of stagnation, while consumers are expressing more interest in energy-saving tech solutions, for both their financial and environmental benefits,” said Mindi Sue Strenblitz-Rubenstein, vice president of marketing at Parks Associates. “Smart Energy Summit features an unparalleled lineup of thought leaders, from energy services, public policy, smart home, and consumer solutions, sharing insights on strategies to drive this market forward.”

The study echos a recent report by HOP Energy, which found 69% of U.S. consumers saw electric bills spike while 48% struggle to pay rising utility bills. More than 71% said they were searching for ways to cut costs. As more people evolve to cord cutting or cord never households, energy consumption increases. This is especially true for remote workers who might otherwise have electronics and lights turned off during office hours.

While customers are concerned, the EIA predicts wholesale electricity prices for 2024 will be on par or lower than in 2023 throughout most of the U.S. as fuel costs stabilize. The national average electricity price for natural gas, the main source of generating electricity in the U.S., this year averages $2.91 per MMMBtu, down from $3.29 MMMBtu in 2023. Market supply constraints and periods of high demand can cause temporary fluctuations in prices. 

However, smart homes have an advantage. There are several tech devices available to help slash your electricity use, such as energy monitors to help you guage how much electricity your devices use, smart power strips and LED bulbs to conserve energy, and smart plugs that can be shut off remotely.

For those needing assistance, contact your local  Low Income Home Energy Assistance Program (LIHEAP) and apply to the Weatherization Assistance Program (WAP).

Image credit: Parks Associates

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