Americans continue to witness elevated electric bills, with many reporting cutbacks in their spending to deal with the increased costs, according to a new survey from LendingTree.
The online lending platform revealed that the typical American spent an average of nearly $186 on electricity bills as of August. Some 34.3% of respondents to the survey reported “cutting back on or skipping necessary expenses” at some point over the past year to pay their utility bills.
LendingTree chief credit analyst Matt Schulz commented in a statement that “life is still crazy expensive” for most Americans even after “inflation has moderated in recent months.”
“Lots of people have found themselves needing to make difficult decisions to keep the lights on,” Schulz noted. “For some, that might mean cutting back on some expenses. For others, it might mean getting a side hustle or a second job. Tough times require tough financial decisions.”
Connecticut has the highest average electricity bills in the nation at more than $254, a level 37.1% higher than the national average, while those in Arizona similarly pay almost $253.
Residents of southern states are meanwhile the most likely to make financial sacrifices in other areas to afford their electricity bills, a reality Schulz attributes to lower overall income levels.
Even as electricity inflation has somewhat moderated in the past two years relative to the rapid increase in energy prices seen after the lockdowns, the price level for electricity has risen more than 31% over the past five years, according to data from the Bureau of Labor Statistics.