U.S. residential electricity price growth forecast 2020

It is projected that the residential electricity price in the United States will increase by 3.6 percent between 2018 and 2019. Generally, retail electricity prices in the country have risen over the last decade. This trend is likely to continue as natural gas prices will likely also increase, raising electricity rates. As the natural gas supply is exposed to international markets that pay a higher rate, U.S. prices are also expected to rise despite a decrease in recent years that came as a result of the hydraulic fracturing boom.

States with the highest and lowest electricity prices

The price of electricity is partially dependent on the various energy sources, such as coal, gas, oil, as well as renewable or nuclear sources, used to generate power. Hawaii has one of the highest electricity prices at 32.46 U.S. dollars per kilowatt hour due to the high costs of crude oil used to fuel the state’s electricity. In comparison, Idaho has one of the lowest retail rates, as much of the state’s energy is generated from hydroelectricity which requires virtually no fuel and construction costs can be spread out over decades. Bills can vary greatly depending on both state and region. Demand for electricity is also expected to increase, especially in regions that will likely require more heating and cooling as climate change impacts progress, driving up electricity prices.

Projected annual growth in U.S. residential electricity prices from 2000 to 2020

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Source

Release date

May 2019

Region

United States

Survey time period

2000 to 2018

Supplementary notes

The figures are compiled from several previous editions of the report.
* The figures for 2018, 2019, and 2020 are projections.

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Statistics on "Electricity in the United States"

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