Connecticut's Energy Costs Among Highest in the Nation

With energy costs likely to be high throughout what may become among the hottest summers on record, the personal-finance website WalletHub has released its report on Energy Costs by State in 2024, finding that Connecticut has among the highest energy costs in the nation, ranking at #7.  For electricity alone, Connecticut’s costs are fifth highest in the nation.

WalletHub compared the average monthly energy bills in each of the 50 states using a formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.

The findings indicate that the average monthly energy bill in Connecticut is $750, and include the following rankings:

Energy Consumption & Costs in Connecticut (1=Most Expensive; 25=Avg.):

•   5th – Price of Electricity

•   7th – Price of Natural Gas

•   9th – Natural-Gas Consumption per Consumer

•   14th – Home Heating-Oil Consumption per Consumer

•   17th – Price of Motor Fuel

Analysts noted that coupled with inflation, heat waves will eat into many Americans’ wallets. For example, electricity prices went up by 6.2% in 2023 and are only expected to drop slightly – if at all - in 2024.

“The best means for saving money on residential energy bills is to reduce usage,” explained Justin Perryman, Adjunct Professor, Washington University School of Law. “Many states and utility companies provide incentives and assistance to upgrade the energy efficiency of your home including energy audits, insulation, newer efficient windows, and more efficient appliances. Compared to other countries, Americans tend to prefer warmer homes in the winter and colder homes in the summer. This contributes to higher energy usage which in turn increases energy bills. There are multiple means to reduce energy consumption and bills, but it takes a concerted effort and doesn’t come without a bit of sacrifice and action.”

The most expensive states for energy costs, according to the WalletHub analysis, are Wyoming, North Dakota, Iowa, Montana, Minnesota, Massachusetts, Connecticut, Alaska, South Dakota and Virginia.  The lowest costs are in Kansas, Arizona and New Mexico.

Data used to create this ranking were collected as of last month from the U.S. Census Bureau, U.S. Energy Information Administration, Federal Highway Administration, American Automobile Association, National Highway Traffic Safety Administration, and the United States Environmental Protection Agency, according to WalletHub.