Americans getting burned by their summer air conditioning bills are forced to cut costs elsewhere to afford it.
One in three US households trimmed grocery spending to afford their utility bills, according to new data from PowerSetter, a platform used to compare energy rates.
The company reported that 75% of the survey participants, of which there were 2,000, anticipated rising utility bills during the summer months that could “cause them financial strain.”
3 Approximately one-third of American households reportedly spend less at the grocery store in order to afford utility bills. Getty Images
“Extreme heat is driving higher energy consumption. Households are more likely to turn up the AC amid the raging heat wave, which increases their energy consumption and associated expenses,” PowerSetter founder and CEO Mark Feygin told Fortune, citing inflation-induced price hikes as another cause of financial hardship.
“While many consumers are cutting back on electricity usage because they simply can’t afford the growing bills, they still might end up paying more than the year before.”
Families are also slashing miscellaneous costs, such as money spent on entertainment or vacations, with one in five survey respondents saying they’ve canceled their summer plans to cover utilities, with a fraction of participants admitting to borrowing money to pay the bills.
“When one in five Americans are scrapping summer plans, it’s a red flag,” Michael Ryan, a finance expert, told Newsweek, adding that the rising costs of necessities have resulted in “tough choices” financially.
“This reflects the broader squeeze of inflation on disposable income.”
3 The cost of electricity is rising, especially in summer months during scorching heat waves that require higher AC usage. Getty Images/iStockphoto
Citing data from the US Energy Information Association, Fortune reported that residential energy bills have increased 30% year-to-date over the past decade, with an average spend of $151 on electricity alone across the nation.
Southern states like Texas, Oklahoma, Louisiana and Arkansas could be billed a monthly average of $858 for energy for June through September, the National Energy Assistance Directors Association reported earlier this year, per USA Today.
According to the outlet, New York, New Jersey and Pennsylvania residents are expected to see a more than 12% increase in utility costs, paying upwards of $691 on average.
“As more Americans are working from home, they are consuming more energy in the home that used to be consumed in an office building,” Powers Financial Group founder Drew Powers told Newsweek, adding that vacations and extraneous spending are the first to be slashed in personal budgets as a result.
“Combine work from home with recent inflation in everything we buy, and many Americans are being squeezed just to meet everyday expenses.”
3 Electric bills soar during summer months, which has placed a financial strain on Americans. Getty Images
While there isn’t a tried and true way to combat the rising costs of electricity amid heat waves, experts say to routinely monitor the cost per kilowatt-hour of usage and, if residents live in cities that charge more during “peak hours,” cutting down on consumption during that window of time might slash bills.
Using energy-efficient light bulbs and other electric appliances can also lower energy bills, Feygin advised, as well as strategically using home appliances, like only running dishwashers and laundry machines when there’s a full load to be cleaned or letting clothes air dry.
Savvy budgeters might think shutting off their air conditioning when they aren’t home will be more cost-effective, but experts tell Newsweek that method is bunk.
Instead, keeping your home at a consistent, comfortable temperature all day long — and slightly warmer during the day for a few hours — will actually cut costs in the long run. Additionally, utilizing window shades can also keep the temperature cooler indoors.
“Little savings here and there can add up to a significant sum and won’t require too much effort,” Feygin added.
Families are slashing grocery spending to afford air conditioning amid sweltering summer heat
1 COMMENT
LEAVE A REPLY
- Advertisment - 
Recent Comments
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer
Your passion for this topic shines through in your writing It’s clear that you put a lot of effort and thought into your posts Thank you for sharing your knowledge with us