If you’re under the impression that energy costs in Connecticut are among the highest in the nation, a new financial analysis says you’re correct.
The review, by the financial services website WalletHub, determined that the highest energy costs in the U.S. are borne by consumers in Wyoming, Alaska, North Dakota, Connecticut and Massachusetts. Rounding out the top ten are Oklahoma, Vermont, New Hampshire, Indiana and West Virginia.
The average monthly energy bill in Connecticut is $611, fourth highest in the U.S. Connecticut ranks towards the top in key metrics electricity consumption, gas consumption, oil consumption and retail prices of each.
In three key energy areas the state ranks in the top 10 among the states, and two others are in the top 20, according to the data analyzed by WalletHub. The rankings:
- 2nd – Price of Electricity
- 5th – Natural-Gas Consumption per Consumer
- 8th – Price of Natural Gas
- 14th – Home Heating-Oil Consumption per Consumer
- 19th – Price of Motor Fuel
In addition, data indicates that Connecticut has among the highest costs of energy in the nation: the highest monthly electricity cost, third highest monthly natural gas cost, and 13th highest home heating oil cost.
"Energy costs can be a much larger portion of the household budget in low-income families and for that reason, such assistance can be very beneficial," points out Robert Godby, Interim Dean, College of Business and Associate Professor, Department of Economics – University of Wyoming. "Because such families often do not have ways of avoiding these costs and have very tight budgets the best ways of alleviating such challenges are frequent aid, for example, monthly billing assistance or direct subsidies to households. More frequent subsidies or credit payments can help with month- to monthly costs and make it easier for such families to budget for the higher energy costs and to reduce their impact on other household necessities like food or shelter."