Consumers paid 14.3% more for electricity last year on average, than in 2021, more than double the overall 6.5% rise in prices, according to Consumer Price Increase data released Jan. 12 by the U.S. Bureau of Labor Statistics. Month to month, electricity prices rose 1% while the overall CPI decreased by 0.1%.
The price of residential electricity is projected in the coming years to rise more slowly, the Energy Information Administration said Jan. 10. It jumped to 15.07 cents a kWh last year, from 13.66 cents per kWh in 2021. It’s projected to rise to 15.45 cents a kWh this year and by a penny in 2024.
Electricity to heat homes is expected to cost 10.2% more this winter over last year, or $1,359 for the season, according to the National Energy Assistance Directors’ Association.