Reflecting on 2023: New Data on Navigating Rising Energy Costs
As the year comes to an end, it's time to reflect on how changing energy consumption is impacting households across the nation. At FranklinWH, we believe in energy freedom – which means empowering homeowners with knowledge to make informed decisions about their energy usage, and this year has brought some eye-opening insights that we want to share with you. To further explore consumer views around energy costs, we surveyed 1,000 U.S. adult consumers (18+) to understand what’s on their minds.
Homeowner Engagement with Energy Bills
Our results revealed an interesting paradox – while 62% of respondents claim to closely read their energy bills every payment cycle, there are significant knowledge gaps that hinder their understanding of crucial details. For instance, a staggering 72% of respondents don't know the cost per kilowatt hour of energy, and 63% are unaware of when their utility provider last increased its rates.
That said, homeowners should prioritize understanding the specifics of various fees, rate schedules, and exploring energy storage and management options on their bills to gain total control over individual energy consumption and effectively manage rising costs. This data supports that it's time to bridge the gap between perception and reality to empower consumers in managing rising costs effectively.
Key Takeaway: Knowledge is power, and understanding the nuances of energy bills is the first step toward significant savings for homeowners.
Financial Impact of Energy Consumption
Our data highlights a concerning knowledge gap between lower-income and higher-income households when it comes to understanding energy costs. Only 23% of households earning under $100K per year know their cost per kilowatt hour, compared to 48% of households earning over $100K. Similarly, 33% of lower-income households are aware of recent rate increases, while 51% of higher-income households have this knowledge.
We're committed to empowering all households, regardless of economic status, with the tools to achieve whole home energy freedom.
Key Takeaway: Economic status should not be a barrier to understanding and controlling energy expenses.
Inflation & Increasing Energy Bills
The past year has seen energy costs soaring at twice the rate of overall inflation. A whopping 72% of respondents confirmed that their energy bills grew over the past year. The driving forces behind the recent energy cost increases include factors such as building new power lines to accommodate growing energy demands and enhance infrastructure resilience.
Moreover, with winter approaching, it's crucial for households to adopt strategies that not only mitigate current costs but also prepare them for potential increases in the future. Options such as energy storage solutions are a great way for homeowners to future-proof their homes against rising costs.
Key Takeaway: Future-proofing your home against rising energy costs is a wise investment for the long run.
Looking Ahead
As we look ahead to the new year, FranklinWH remains committed to providing information that empowers consumers to take control of their energy management solutions and gain whole home energy freedom. Together, let's navigate the complex issue of energy costs, making informed decisions that lead to a more sustainable and affordable future.
FranklinWH | https://www.franklinwh.com/