Droves of families faced higher than average electric bills last winter due to a surge in the supply cost of the energy commodity. Unfortunately, according to some experts, this year won't be much different.
Families already dealing with increased costs due to inflation are expected to pay even more than last year, according to a recent report from the National Energy Assistance Directors Association (NEADA).
Earlier this month, the NEADA projected that the average cost to heat a home would increase by 17.2% since last winter, rising from $1,025 to $1,202. Heating oil costs will jump an estimated 54% to $1,876, while natural gas costs may increase 24% to $709, according to the NEADA.
SUMMER ELECTRIC BILL SHOCKER COMING
Overall, the total cost of home heating, including natural gas, electricity, heating oil and propane, is estimated to jump from $127.9 billion to $149.9 billion this year.
It’s going to put a squeeze on already tight family budgets, Nick Loris, C3 Solutions vice president of Public Policy, told FOX Business.