U.S. energy prices are expected to continue to go up next year, according to new data from the Energy Information Administration. 

What's happening?

"Overall U.S. wholesale electricity prices are expected to continue rising next year," Utility Dive stated, explaining that the biggest driver is a projected 45% increase at the Electric Reliability Council of Texas-North pricing hub. While natural gas tends to be the biggest determinant of prices, ERCOT's projected 2026 spikes look to be driven more by significant hourly spikes throughout the summer due to high demand combined with relatively low supply in the region.

The EIA also said demand is rising, mostly in the West South Central region that includes Texas, Oklahoma, Louisiana, and Arkansas. The culprits? Data centers and cryptocurrency mining facilities, it says.

Why are rising energy costs concerning?

For Americans already dealing with higher prices for things like groceries and rent, higher energy costs are a punch in the gut.

Price increases are driven by various factors, but the overheating of our planet is contributing to chaotic weather patterns, which make it harder for farmers to harvest their crops. This increases sticker prices on staples such as olive oil, chocolate, and vegetables. Meanwhile, higher energy demands are bad for the planet, as fuels such as natural gas and coal contribute to rising global temperatures.

What's being done about high energy prices?

One way to help protect yourself from rising energy prices is to invest in solar. Using the sun to power your home is one of the best ways to save money on your utility bills and reduce the amount of planet-heating pollution you're producing.

TCD's Solar Explorer is a great resource to help you make sense of all the options available. It can connect you with trusted partners offering concierge-level service and help you save up to $10,000 on installation costs. There are even $0-down subscription options for homeowners working on a budget.

Palmetto is one Solar Explorer partner that can help cut your utility rates by up to 20% through its LightReach leasing program. Leasing programs allow homeowners to take advantage of federal tax credits that have been retired for direct purchases through lower rates. 

EnergySage is another Solar Explorer partner that can get you hooked up with information on buying solar panels, getting incentives, and comparing competitive bids from vetted installers. 

If you're up for even more savings, pairing your solar panels with other electric appliances, such as energy-efficient pumps/HVACs, can cut costs even further. TCD's HVAC Explorer makes it easy to find the HVAC system for your home and budget. 

You can save even more through Palmetto's Home app, which helps you unlock up to $5,000 in rewards to spend on home upgrades by taking simple actions in your everyday life. 

Have your energy bills gone up in the past year? Yes 👍 They've stayed the same 🙂 They've actually gone down ☺️ It's hard to say 🤷 Click your choice to see results and speak your mind.

Get TCD's free newsletters for easy tips to save more, waste less, and make smarter choices — and earn up to $5,000 toward clean upgrades in TCD's exclusive Rewards Club.