Summer Cooling Costs Set to Spike Nearly 8%

• This summer, cooling a home is estimated to increase by almost 8% nationwide, from an average of $661 to $719, with energy prices expected to rise up to 12% compared to last year.
• About 20% of low-income families lack air conditioning, posing health risks during hot weather. Even those with AC units may not use them due to concerns about affording the power bill.
• Suggested measures include financial assistance for bill payments, such as a 50% reduction for eligible Connecticut households, and regulations preventing utility shutoffs during heat waves, currently enforced in only 17 states and Washington, D.C.

This summer, high temperatures will not only punish American people physically but also severely impair their finances.

According to estimates from the National Energy Assistance Directors Association (NEADA) and the Center for Energy Poverty and Climate (CEPC), the cost of cooling a family's home will increase by almost 8% nationwide from an average of $661 in June through September to $719.

As energy prices are expected to rise by up to 12% this summer compared with last year, the Mid-Atlantic, East South Central, and Pacific areas are anticipated to be most affected by the sweltering heat in terms of cooling expenses. One of the many effects of climate change on Americans is the growing expense of cooling homes, which highlights some of the financial ramifications of global warming for people and families.

Read also:Why More College Students Dropping Out Right Now

Addressing the Cooling Crisis for Low-Income Families During Heat Waves

According to the NEADA and CEPC analysis, about 20% of low-income families do not have air conditioning, which might be dangerous for their health during hot weather. Families may own air conditioning units but decide not to use them because they are concerned about their ability to pay the power bill.

Throughout addition to being antiquated, solutions for families without the means to adequately cool their houses do not take into consideration the extended hot spells that plague some regions of the United States throughout the summer.

For instance, there are frequently too few seats available at cooling centers, which are air-conditioned buildings where families may seek refuge during intense heat waves. "You cant ask a family to go move into a cooling center. They also don't have capacity," Wolfe stated.

Assistance with bill payment for low-income families is one of the groups' suggested answers. For instance, qualifying households in Connecticut are eligible for a 50% power bill reduction.

The authors of the paper are also in support of regulations that would make it illegal for utility providers to turn off power to homes who are past due on their payments during heat waves. At the moment, just 17 states and Washington, D.C. have safeguards against summer shutoffs. and many are only available on particular days.

Related article:Dollar Stores Face Challenges as Inflation Strains Budgets

The content provided on MoneyTimes.com is for informational purposes only and is not intended as financial advice. Please consult with a professional financial advisor before making any investment decisions.