Electric Bills Continue to Skyrocket

A recent piece in USA Today shows just how much energy costs have risen over the past 5 years, and there are no signs of costs going down anytime soon.

As residential energy costs continue to soar, homeowners will look for more ways to save on their utilities. Installing radiant barrier in your attic is a great way not only make a home more energy efficient, but to cut costs. And it works in all climates, both warm weather and cold weather.

Here is an excerpt from the USA Today article:
Electric bills have skyrocketed in the last five years, a sharp reversal from a quarter-century when Americans enjoyed stable power bills even as they used more electricity.

Households paid a record $1,419 on average for electricity in 2010, the fifth consecutive yearly increase above the inflation rate, a USA TODAY analysis of government data found. The jump has added about $300 a year to what households pay for electricity. That’s the largest sustained increase since a run-up in electricity prices during the 1970s.

Electricity is consuming a greater share of Americans’ after-tax income than at any time since 1996 — about $1.50 of every $100 in income at a time when income growth has stagnated, a USA TODAY analysis of Bureau of Economic Analysis data found.

Here is a look at what residential customers paid in cents per kilowatt hour in 2010: