Electric bills are skyrocketing, find out what your future costs will be.
How did we calculate these numbers?
From the 1950’s to 2020, electricity rates on average increased by 2-3% per year. From 2016-2021, that number was 2.8% in Central Ohio. Since 2021, using data from our headquartered location’s primary utility AEP Ohio, electricity rates have risen by roughly 11.6% per year. Due to our aging grid and soaring demand, experts expect similar rates hikes for the foreseeable future.
This chart uses that 2.8% average annual increase from 2016-2021. For the future projection the chart uses the 11.6% increase we have recently experienced to project over the next 10 years.
For calculating the next 25 years of electricity bill payments, we used the 11.6% annual rate hike for the first 10 years and 2.8% for the following 15 years.
You can learn more about electric rate projections from Consumer Reports, World Resources Institute, and the Energy Information Administration.
Did you have any idea that you were on track to spend so much money on your electric bills?
Frightening right?
Fortunately for you, there is a solution.
