Colorado ranks 7th lowest energy costs in the U.S.

With summer heat on the rise, many Coloradoans are cranking up the air conditioner. According to the U.S.

Energy Information Administration, this seasonal heat results in July and August being the months with the highest energy consumption of the year. But energy is expensive, and cooling and heating your home is the biggest contributor to your utility bill. The U.

S. Department of Energy (DOE) reports that the average U.S.

family spends $2,000 per year or more on utilities, with heating and cooling accounting for more than half the bill. Rising energy costs amplify this impact. According to WalletHub.

com, electricity prices increased by 6.2% in 2023 and are only expected to drop slightly in 2024. In this context, it’s excellent news for homeowners and renters that Colorado’s energy costs are the seventh lowest in the nation, as reported by WalletHub’s analysis.

Colorado ranks eighth for the best energy efficiency in homes and cars. Lower energy costs can significantly reduce monthly expenses, which is particularly beneficial for homeowners and renters alike. WalletHub compared each of the 50 states’ total monthly energy bills, including electricity, natural gas, home heating oil and motor fuel consumption.

The analysis found that energy costs vary significantly from state to state. For example, Colorado’s $470 total monthly energy cost puts the state at No. 43.

Compare that to Wyoming’s total monthly cost of $1591 — the highest energy cost in the country. Accord.