Latest news with #MarkWolfe
Yahoo
16-05-2025
- Business
- Yahoo
Home electricity bills forecast to reach a 12-year high this summer
High temperatures projected across the U.S. summer could take a toll on Americans' budgets by driving up the price of keeping homes cool. Home electricity bills are expected to rise to an average of $784 for the summer period, up more than 6% from $737 in 2024 and marking a 12-year record, according a new analysis from the National Energy Assistance Directors Association (NEADA). The growing expense comes on the heels of a cold winter that drove up heating costs for many Americans, and as consumers continue to grapple with higher prices on everyday goods. Consumers are also increasingly expressing concerns about how tariffs could affect their day-to-day costs, Gallup polling has found. "We found that it's going to be another expensive summer for air conditioning because temperatures will stay high, and electricity prices have been rising faster than inflation," energy economist Mark Wolfe, executive director of NEADA, told CBS MoneyWatch. The anticipated spike in residential electricity costs from June through September is due to the combination of rising cost of electricity, which is outpacing inflation, with higher temperatures, NEADA said. Those trends mean that households are not only expected to pay higher prices for electricity, but will likely consume more of it than they did last summer because of the need for more cooling. "It's not just temperatures that are going up, but the cost of cooling is going up," Wolfe said. "And when electricity prices go up, they tend to stay high. So even if temperatures moderate, your bill might go up because of the cost of electricity." Unpaid bills Energy costs eat up a larger share of low-income families' budgets compared to higher-earners. Low-income households spend roughly 8.6% of their incomes on energy costs, compared to 3% for those that are higher up the income ladder, according to NEADA. Worryingly, the lowest earners could struggle to afford to keep their homes cool, Wolfe noted. The most recent Census Household Pulse Survey found that 37% of low- and moderate-income households could not afford their energy bills for at least one month between April 2023 and April 2024. If those households find themselves in a financial crunch this summer, they may opt to turn off their air conditioning, which could pose serious health risks, noted Wolfe. "Last winter was cold, so they're just getting over paying their heating bills, and are now facing higher summer cooling costs," Wolfe explained. "And while people understand that if you don't use heat in the winter, your pipes will freeze, that won't happen in the summer." Reluctance to turn on one's air conditioning can have adverse health effects like heat stroke. "While this won't do damage to your building, it will do damage to you," Wolfe said. Extreme heat and health Public assistance programs haven't kept pace with the evolving climate, according to Wolfe. "We're having heat waves that are lasting longer, and the systems in place to protect families have not kept up," he said. This summer's cooling cost forecast should be taken as a sign that state and federal assistance programs require modernization, according to Wolfe. Only 26 states offer summer cooling assistance to help Americans pay their bills. Thirty-three states have no protections in place to prevent utilities company from shutting off customers' access to electricity when they're behind on payments. Extreme heat is the leading weather-related killer in the United States, according to the National Weather Service. Wolfe says that taking steps to modernize your home can actually help households save money. For example, adding insulation to your house can help control energy bills. "Families should start preparing for long-term extreme weather and think about the energy efficiency of their cooling systems," he said. Texas mom accused of buying ammunition for son who officials say planned school attack These Republicans voted against the reconciliation bill in House Budget Committee GOP budget package fails to clear key House committee
CBS News
16-05-2025
- Business
- CBS News
Home electricity bills may reach a 12-year high this summer, driven by high temperatures, inflation
High temperatures projected across the U.S. summer could take a toll on Americans' budgets by driving up the price of keeping homes cool. Home electricity bills are expected to rise to an average of $784 for the summer period, up more than 6% from $737 in 2024 and marking a 12-year record, according a new analysis from the National Energy Assistance Directors Association (NEADA). The growing expense comes on the heels of a cold winter that drove up heating costs for many Americans, and as consumers continue to grapple with higher prices on everyday goods. Consumers are also increasingly expressing concerns about how tariffs could affect their day-to-day costs, Gallup polling has found. "We found that it's going to be another expensive summer for air conditioning because temperatures will stay high, and electricity prices have been rising faster than inflation," energy economist Mark Wolfe, executive director of NEADA, told CBS MoneyWatch. The anticipated spike in residential electricity costs from June through September is due to the combination of rising cost of electricity, which is outpacing inflation, with higher temperatures, NEADA said. Those trends mean that households are not only expected to pay higher prices for electricity, but will likely consume more of it than they did last summer because of the need for more cooling. "It's not just temperatures that are going up, but the cost of cooling is going up," Wolfe said. "And when electricity prices go up, they tend to stay high. So even if temperatures moderate, your bill might go up because of the cost of electricity." Unpaid bills Energy costs eat up a larger share of low-income families' budgets compared to higher-earners. Low-income households spend roughly 8.6% of their incomes on energy costs, compared to 3% for those that are higher up the income ladder, according to NEADA. Worryingly, the lowest earners could struggle to afford to keep their homes cool, Wolfe noted. The most recent Census Household Pulse Survey found that 37% of low- and moderate-income households could not afford their energy bills for at least one month between April 2023 and April 2024. If those households find themselves in a financial crunch this summer, they may opt to turn off their air conditioning, which could pose serious health risks, noted Wolfe. "Last winter was cold, so they're just getting over paying their heating bills, and are now facing higher summer cooling costs," Wolfe explained. "And while people understand that if you don't use heat in the winter, your pipes will freeze, that won't happen in the summer." Reluctance to turn on one's air conditioning can have adverse health effects like heat stroke. "While this won't do damage to your building, it will do damage to you," Wolfe said. Extreme heat and health Public assistance programs haven't kept pace with the evolving climate, according to Wolfe. "We're having heat waves that are lasting longer, and the systems in place to protect families have not kept up," he said. This summer's cooling cost forecast should be taken as a sign that state and federal assistance programs require modernization, according to Wolfe. Only 26 states offer summer cooling assistance to help Americans pay their bills. Thirty-three states have no protections in place to prevent utilities company from shutting off customers' access to electricity when they're behind on payments. Extreme heat is the leading weather-related killer in the United States, according to the National Weather Service. Wolfe says that taking steps to modernize your home can actually help households save money. For example, adding insulation to your house can help control energy bills. "Families should start preparing for long-term extreme weather and think about the energy efficiency of their cooling systems," he said.
Yahoo
16-05-2025
- Business
- Yahoo
Cooling your home could hit a record high this summer
Keeping cool could cost a lot more this summer — yet another financial squeeze for many inflation-weary consumers. Americans can expect to shell out a record $784, on average, to cool their homes from June through September, according to a new analysis by the National Energy Assistance Directors Association and the Center for Energy Poverty and Climate. That's up 4.2% from the same period last year and 14% higher than 2020, when folks only paid an estimated $688, after accounting for inflation. The tab is projected to rise both because electricity prices are increasing faster than inflation and another hot summer is in the forecast, said Mark Wolfe, executive director of the association, which examined summer cooling costs since 2014. Residents of New England and the Midwest will be hit especially hard, with costs projected to increase between 13% and 18% from last year. Only those living in the Pacific, who were expected to shoulder a spike in cooling bills last summer, could catch a break — with costs forecast to decline nearly 7%. Although inflation has become more muted in recent years, prices remain high and household debt is on the rise. What's more, escalating costs for both winter heating and summer cooling are putting pressure on Americans' wallets year-round. Heating bills this past winter, which was a cold one, were expected to jump nearly 9%, according to the association. 'People don't get a chance to catch up,' Wolfe said. More than 21 million Americans — about one in six — are behind on their energy bills, the association estimates. Consumers owed their utility companies a total of $24 billion in March, up from $17.5 billion in January 2023. For some people, particularly those with lower incomes, rising costs can have severe consequences — especially if they are more reluctant to turn on the air conditioning. Heat-related deaths are on the rise, with just over 2,300 people succumbing in 2023, the hottest summer on record, compared to fewer than 1,200 in 2020, according to a study published in the medical journal JAMA. 'Without access to affordable cooling, many will be at risk of heat stroke and other health impacts associated with rising temperatures,' Wolfe said. At the same time, the federal Low Income Home Energy Assistance Program, which helps about 6 million Americans afford their utility bills, does not have enough funding to aid all those who qualify. LIHEAP is doling out $4.1 billion this fiscal year, down from $6.1 billion two years ago, when Congress provided additional support in the wake of soaring energy prices during the Covid-19 pandemic. Only 26 states offer summer cooling assistance through LIHEAP, Wolfe said. In his budget blueprint, released earlier this month, President Donald Trump proposed eliminating the program. The White House said it isn't necessary in part because states have policies preventing utility disconnections for low-income residents, which it argues means LIHEAP mainly benefits utilities. Only 19 states and the District of Columbia offer summer shutoff protections, covering about half the US population, Wolfe said. And in many of them, the rules are outdated and inadequate.
CNN
16-05-2025
- Business
- CNN
Cooling your home could hit a record high this summer
Keeping cool could cost a lot more this summer — yet another financial squeeze for many inflation-weary consumers. Americans can expect to shell out a record $784, on average, to cool their homes from June through September, according to a new analysis by the National Energy Assistance Directors Association and the Center for Energy Poverty and Climate. That's up 4.2% from the same period last year and 14% higher than 2020, when folks only paid an estimated $688, after accounting for inflation. The tab is projected to rise both because electricity prices are increasing faster than inflation and another hot summer is in the forecast, said Mark Wolfe, executive director of the association, which examined summer cooling costs since 2014. Residents of New England and the Midwest will be hit especially hard, with costs projected to increase between 13% and 18% from last year. Only those living in the Pacific, who were expected to shoulder a spike in cooling bills last summer, could catch a break — with costs forecast to decline nearly 7%. Although inflation has become more muted in recent years, prices remain high and household debt is on the rise. What's more, escalating costs for both winter heating and summer cooling are putting pressure on Americans' wallets year-round. Heating bills this past winter, which was a cold one, were expected to jump nearly 9%, according to the association. 'People don't get a chance to catch up,' Wolfe said. More than 21 million Americans — about one in six — are behind on their energy bills, the association estimates. Consumers owed their utility companies a total of $24 billion in March, up from $17.5 billion in January 2023. For some people, particularly those with lower incomes, rising costs can have severe consequences — especially if they are more reluctant to turn on the air conditioning. Heat-related deaths are on the rise, with just over 2,300 people succumbing in 2023, the hottest summer on record, compared to fewer than 1,200 in 2020, according to a study published in the medical journal JAMA. 'Without access to affordable cooling, many will be at risk of heat stroke and other health impacts associated with rising temperatures,' Wolfe said. At the same time, the federal Low Income Home Energy Assistance Program, which helps about 6 million Americans afford their utility bills, does not have enough funding to aid all those who qualify. LIHEAP is doling out $4.1 billion this fiscal year, down from $6.1 billion two years ago, when Congress provided additional support in the wake of soaring energy prices during the Covid-19 pandemic. Only 26 states offer summer cooling assistance through LIHEAP, Wolfe said. In his budget blueprint, released earlier this month, President Donald Trump proposed eliminating the program. The White House said it isn't necessary in part because states have policies preventing utility disconnections for low-income residents, which it argues means LIHEAP mainly benefits utilities. Only 19 states and the District of Columbia offer summer shutoff protections, covering about half the US population, Wolfe said. And in many of them, the rules are outdated and inadequate.
CNN
16-05-2025
- Business
- CNN
Cooling your home could hit a record high this summer
Keeping cool could cost a lot more this summer — yet another financial squeeze for many inflation-weary consumers. Americans can expect to shell out a record $784, on average, to cool their homes from June through September, according to a new analysis by the National Energy Assistance Directors Association and the Center for Energy Poverty and Climate. That's up 4.2% from the same period last year and 14% higher than 2020, when folks only paid an estimated $688, after accounting for inflation. The tab is projected to rise both because electricity prices are increasing faster than inflation and another hot summer is in the forecast, said Mark Wolfe, executive director of the association, which examined summer cooling costs since 2014. Residents of New England and the Midwest will be hit especially hard, with costs projected to increase between 13% and 18% from last year. Only those living in the Pacific, who were expected to shoulder a spike in cooling bills last summer, could catch a break — with costs forecast to decline nearly 7%. Although inflation has become more muted in recent years, prices remain high and household debt is on the rise. What's more, escalating costs for both winter heating and summer cooling are putting pressure on Americans' wallets year-round. Heating bills this past winter, which was a cold one, were expected to jump nearly 9%, according to the association. 'People don't get a chance to catch up,' Wolfe said. More than 21 million Americans — about one in six — are behind on their energy bills, the association estimates. Consumers owed their utility companies a total of $24 billion in March, up from $17.5 billion in January 2023. For some people, particularly those with lower incomes, rising costs can have severe consequences — especially if they are more reluctant to turn on the air conditioning. Heat-related deaths are on the rise, with just over 2,300 people succumbing in 2023, the hottest summer on record, compared to fewer than 1,200 in 2020, according to a study published in the medical journal JAMA. 'Without access to affordable cooling, many will be at risk of heat stroke and other health impacts associated with rising temperatures,' Wolfe said. At the same time, the federal Low Income Home Energy Assistance Program, which helps about 6 million Americans afford their utility bills, does not have enough funding to aid all those who qualify. LIHEAP is doling out $4.1 billion this fiscal year, down from $6.1 billion two years ago, when Congress provided additional support in the wake of soaring energy prices during the Covid-19 pandemic. Only 26 states offer summer cooling assistance through LIHEAP, Wolfe said. In his budget blueprint, released earlier this month, President Donald Trump proposed eliminating the program. The White House said it isn't necessary in part because states have policies preventing utility disconnections for low-income residents, which it argues means LIHEAP mainly benefits utilities. Only 19 states and the District of Columbia offer summer shutoff protections, covering about half the US population, Wolfe said. And in many of them, the rules are outdated and inadequate.
