U.S. energy prices are expected to continue rising next year, according to the latest data from the Energy Information Administration.
What happened?
“Overall U.S. wholesale electricity prices are expected to continue to rise next year,” Utility Dive said. The biggest driver, he explained, is the North Texas Pricing Center’s projected 45% increase from the Electric Reliability Council. While natural gas tends to be the biggest determinant of price, ERCOT’s projected 2026 natural gas price increases appear to be driven more by sharp hourly increases throughout the summer due to strong demand and relatively low supply in the region.
The EIA also said demand is rising, mainly in the Midwest, including Texas, Oklahoma, Louisiana and Arkansas. The culprit? Data centers and cryptocurrency mining facilities, it said.
Why are rising energy costs a concern?
Rising energy costs are a blow to Americans already facing rising prices for things like groceries and rent.
Rising prices are driven by a variety of factors, but an overheating planet is causing chaotic weather patterns that make it harder for farmers to harvest crops. This increases the price tag on staples such as olive oil, chocolate and vegetables. At the same time, increased energy demand is bad for the planet because fuels like natural gas and coal contribute to rising global temperatures.
What measures have been taken to combat high energy prices?
One way to protect yourself from rising energy prices is to invest in solar energy. Harnessing solar energy to power your home is one of the best ways to save on utility bills and reduce earth-heating pollution.
TCD’s Solar Explorer is a great resource to help you understand all of the options available to you. It connects you with trusted partners who provide concierge-level service and helps you save up to $10,000 in installation costs. There are even subscription options with $0 down for homeowners on a budget.
Palmetto is a Solar Explorer partner that can help you lower your utility bills by up to 20% through its LightReach rental program. The rental program allows homeowners to take advantage of the eliminated federal tax credit and purchase outright with lower interest rates.
EnergySage is another Solar Explorer partner that can help you get information about buying solar panels, earn incentives, and compare competitive bids from vetted installers.
If you want to save even more, pairing solar panels with other appliances, such as an energy-efficient pump/HVAC, can further reduce costs. TCD’s HVAC Explorer makes it easy to find an HVAC system that’s right for your home and budget.
You can save even more with Palmetto’s Home app, which helps you take simple actions in your daily life to unlock up to $5,000 in rewards toward home upgrades.
Get TCD’s free newsletter for simple tips to save more, reduce waste and make smarter choices, and earn up to $5,000 toward clean upgrades in TCD’s exclusive Rewards Club.
