Colorado Ranked Least Energy-Expensive State
In the United States, 7.1 percent of the average consumer’s total income is spent on energy costs, including fuel, natural gas and electricity. July and August tend to be the month with the highest energy consumption, according to the US Energy Information Administration (EIA). To help consumers with the most costly energy bills budget effectively, WalletHub has identified 2014’s Most & Least Energy-Expensive States:
- Rhode Island
- District of Columbia
Connecticut, Mississippi and Hawaii were ranked as the most energy expensive. Colorado also ranked as having the lowest natural gas prices is the nation, while Hawaii has the highest natural gas prices.
WalletHub used six metrics to examine factors that affect energy costs in the 50 US states and the District of Columbia, including the price and consumption of residential electricity and the price of fuel at the pump.
Lower prices don’t always mean lower costs, WalletHub said. Consumption is a key determinant in the total energy bill. In places with scorching summer weather but cheaper electricity like Southern Louisiana, households might end up with higher out-of-pocket costs than those in energy-expensive Northern California, where the temperate climate keeps heating and cooling units idle most of the year.
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