And the pendulum swings into depressing territory yet again. This time, it’s about how much we’re forking over to our utility companies. Basically, their energy costs bleed us dry.
WalletHub, the website that loves to trash CT, burst out of the woodwork to point and laugh at us once more. Although it claims it’s a personal finance website, I say it’s more of a Connecticut hater than anything else.
Anyways, it’s time to find out the sheer amount of moths taking up residence in our wallet this time around.
Surprising absolutely no one, Connecticut ranked first, overall, in energy costs. We pay, on average, about $380 a month to our respective utilities. Such as gas and electricity. Meaning, we definitely fall into the latter category about acceptable cost percentages.
Energy costs average about 5 to 22 percent of a family’s total income. So, it’s pretty easy to determine that a Connecticut family forks over way more than 22 percent.
Connecticut had the third highest overall electricity costs, averaging about $166 a month. The state also had the 2nd highest monthly home heating oil costs, at $76. Connecticut came in 19th overall for monthly natural gas costs, at $39.
On the brighter side, Connecticut’s monthly motor-fuel costs dropped to the middle of the pack, in 35th. Apparently, we only spend about $99 a month filling up our cars.
How Wallethub got that number is beyond me. I mean, Connecticut has some of the highest gas prices in the nation! So, there must have been some major mental gymnastics going on to say Nutmeggers pay less to fuel up their cars.
Anyways, we beat Alaska and Rhode Island. Honestly, that’s pretty depressing considering Alaska has some of the most extreme weather conditions out of the entirety of the United States. On top of that, some portions of the state go a full month without sun.
And, somehow, our heating and electricity prices trump theirs.
But, there’s a reason why Connecticut reigns supreme every year. It’s because back in 2015, our lawmakers decided to deregulate our electricity.
Basically, it allows other sellers to permeate our markets and fix the price we pay. In other words, by setting prices on market-base costs instead of regulated rates, suppliers got free say over what they want us to pay.
Even the FTC calls the deregulation process screwed up. Before Connecticut converted over to a deregulated energy market, our energy costs still were some of the highest in the nation. But, we weren’t the worst.
Like, back in 1998, our state came in 4th with the most expensive energy costs. We jumped to third place in 2006. By 2008, we came in 2nd. All of that info can be found on Connecticut’s website.
It also doesn’t help that Connecticut doesn’t generate its own energy and, most of the time, imports it from other providers. Which explains our dreaded “transportation” fees. Which, amazingly, happens to be another price our providers have free reign to toy with.
So, long story short, Connecticut reigns supreme when it comes to making its residents hemorrhage money.
If you’re hoping to save money, though, there are several organizations out there that can help with that. EnergizeCT is a wonderful resource.
Also, if you make below a certain threshold of money, you can apply to participate in Operation Fuel. Enrollment ends August 1st, though.
So, do you think our energy costs will ever go down? Or, will they only get worse?