A number of experts from the energy industry claim that utility bills are set to increase significantly in the future. This could result in an added financial burden for millions of households. If you find yourself unable to cover a hefty energy bill, you may be able to use a cash loan to keep the lights on.
According to a report from CNNMoney, a recent survey of 500 utility executives by consultants Black & Veatch revealed that 90 percent of them expect costs to rise in the near future. This is the result of new regulation to cut the use of coal-fueled power plants for cleaner energy alternatives, such as wind and solar power. An estimated 50 percent of those surveyed said utility costs could increase by 10 percent or more.
Currently, the average household spends $111 on electric bills every month, according to the Energy Information Administration. Should costs rise 10 percent, this would push this average to roughly $122. While this may not seem like very much, it can result in spending hundreds of extra dollars every year.
Although the conversion to clean energy could result in higher utility costs, the Environmental Protection Agency says it could be beneficial for roughly 11,000 people every year. By using clean energy, it says Americans have a lower chance of developing conditions such as asthma, heart disease and cancer.
Even though energy expenses are expected to rise, this doesn’t mean there aren’t ways to reduce your costs.
Make A Sweep Before Bed
Before you turn in for the night, make sure to off all your electronics. While this may seem inconvenient, LVNC says it can can save a lot of money. For example, it takes $21 to run a light bulb throughout the night for an entire year and $35 for a ceiling fan during the same period. Instead, switch them off and keep some extra cash in your pockets, the website added.
Keep Your AC In Good Working Condition
With warmer weather approaching, you may be more inclined to use your air conditioning system. However, if you neglect your system, this could cause your energy bill to rise. A system with dirty air filters works harder than it has to, wasting energy and money.