Prices have been rising across America in recent years. While inflation has struck on all fronts, some products are seeing a greater increase than others. Many have complained of skyrocketing electricity costs, and many fingers have been pointed regarding the cause. However, a new study revealed that the story isn't simple, and it varies by location, The New York Times reported.

What is behind rising electricity costs in the U.S.?

According to the Times, "not all states are suffering equally." While electricity prices have risen in all states, they have only risen faster than inflation in 26 of them. In some of the remaining states, rates have kept pace with inflation, and in others, they have actually increased more slowly than inflation, meaning that in real terms, they are considered to have decreased.

Furthermore, where rates have increased quickly, the reason is not always the same. In California, the issue seems to be aging infrastructure that needs to be replaced all at once. In the Northeast, the heavy reliance on imported gas or methane fuel is the culprit, because the price of this dirty fuel increased sharply with Russia's war in Ukraine. 

Data centers used for artificial intelligence and cryptocurrency mining are a factor in some cases, but not others. They didn't drive up electricity costs in Virginia, but they have elsewhere, along with the extraordinary environmental harm and incredible noise levels they produce.

Why is this study important?

Identifying the causes of rising energy bills is essential to combating them. For example, opponents of solar power and other clean energy options have blamed them for rising costs. However, this study found that they are actually responsible for keeping electricity prices low in the Great Plains and the Southwest.

Amid power prices that are rising across the board, one of the best ways to save money on your utility bills is by going solar. Installing solar panels allows you to generate your own energy, bypassing rising energy prices, while also making your home more resilient and independent from the grid when paired with battery storage. To get your home to this point, visit TCD's Solar Explorer to learn about your installation options. 

How clean energy helps with high power bills

TCD's Solar Explorer will help you discover and connect with trusted solar partners that offer concierge-level service to make installing solar easier and save up to $10,000. 

If you don't have the budget to purchase solar panels, it will help you find a $0-down leasing program or another subscription option, like Palmetto's LightReach leasing program, which can cut your utility rate by up to 20%. It can also help you take advantage of federal rebates that are no longer available to individual homeowners via lower rates.

If you want to reduce your electric bill even more, you can lower your home's power usage by pairing your solar panels with efficient electric appliances. Heat pumps and other electric HVAC equipment are an excellent choice, made simple with TCD's HVAC Explorer. 

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.