![]() Factors that could affect future electricity pricesĪs they say in the investing industry, “Past performance is no guarantee of future results.” When it comes to the cost of electricity, many people think the historical rate of increase is too low, given the current challenge of climate change and fluctuations in fossil fuel pricing. EIA Electric Power Annual for latest-available 25-year period. See a list of all the states ordered from highest to lowest rate of increase, below.ĭata on residential electricity rates from U.S. The bottom 5 were Arkansas, Louisiana, Illinois, Arizona, and New Mexico, with rates of annual increase between 0.78% and 1.26%. ![]() State-by-state increases in electricity rates from 1994-2019ĭuring the past 25 years, the 5 states with the largest electricity price increases were Hawaii, Oregon, Alaska, Wisconsin, and Massachusetts, with rates between 2.76% and 3.86%. If you go back to 1960, the average annual rate increases to about 2.8%.Įven when you take those numbers into account, there are differences in states and utility companies that impact average annual rate increases. Energy Information Administration (EIA), electricity prices have increased 1.8% per year in the United States for the past 25 years, from a national average price of 8.38 cents per kilowatt-hour (kWh) in 1994 to 13.01 cents/kWh in 2019 (the most recent year for which annual data is available). Solar panels will make electricity for 25 years or more, so having a good estimate of the costs they will offset is vitally important in deciding whether home solar is a good investment for you.Īccording to the U.S. If you’re considering solar panels for your home, one of the biggest uncertainties is the future price of electricity from your utility company.
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