July is typically the hottest month of the year, so get ready to crank your AC. In the U.S., energy costs eat between 5% and 22% of families’ total after-tax income. Lower energy prices don’t necessarily equate to savings, though. Where we live and how much energy we use also factor into the equation.
According to Wallethub, New Mexico has the lowest energy bills out of any state in the country. WalletHub compared the total monthly energy bills in each of the 50 states and the District of Columbia. Their analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.
Wallethub’s study shows around 27% of American households have difficulty meeting their energy needs. This is particularly important as New Mexico ranks in the top 10 for the highest poverty rates in the country. Residential electricity and motor gasoline are the largest energy expenditures for households in all income brackets.
What’s Your Energy Bill?
The average cost of energy bills in New Mexico was $377, only beaten by folks in the District of Columbia, which have an average bill of $277. New Mexicans also rank 49th for the cheapest price of natural gas. Who ranks the highest? Households in Wyoming pay an average of $738 per month for energy usage.
According to the U.S. Energy Information Administration, the highest energy consumption of the year is recorded in July, followed by August. That leads to higher energy costs during this period.
The full report can be read here: https://wallethub.com/edu/energy-costs-by-state/4833.
If you are in need of assistance in paying your energy bill, check out the programs New Mexico offers https://www.hsd.state.nm.us/lookingforassistance/low_income_home_energy_assistance_program/.