Americans are cutting back on groceries, summer vacations and more to pay for their power bills this summer. Fortune covered new research that shows just how much more households are spending on power right now, and how getting a new price for energy can help you save.
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“One in three American households are cutting back on groceries to help pay for their utility bills as 75% of them expect their expenses to increase during the summer and “cause them financial strain.” The figures are according to survey results of 2,000 U.S. adults by PowerSetter, an energy comparison platform that educates consumers about different energy plans and options. For context, July 22 was the hottest day recorded on earth, according to satellite data.”Sign up today so we can find you a lower rate before your next high bill comes ‘Weather is becoming more volatile and extreme,” Andrew Meyer, CEO of home energy advisory Arbor that helps consumers find lower energy rates, tells Fortune. “When it’s hotter, we use more electricity to cool our homes. When it’s cold, we use more gas to heat our homes.”
"But while global warming and climate change ‘certainly play a part in how high energy bills have gotten, it's not necessarily just in the way you might think,” Meyer says. A major problem for electric utilities, however, has been increasing demand is also causing energy prices to rise.‘Consumers are both using more and paying more per unit of energy,’ Meyer explains. Energy units are measured in kilowatt-hours (kwh), and can have a ‘huge impact on our bill totals at the end of the month,’ Meyer adds.”
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