As we progress through the traditionally hottest months of the year, WalletHub sought to identify which states have the highest and lowest energy costs. Eight key metrics were analyzed for all 50 states and the District of Columbia. These metrics ranged “from the price and consumption of residential electricity to the price and consumption of motor fuel.” Using the data they compiled, WalletHub devised an equation to determine each state’s average monthly energy bill and then ranked each state from the least to most expensive.
The state with the 3rd least expensive total energy costs was Washington State at $245. The state ranked 8th for the least expensive monthly electricity costs; 21st place in monthly natural gas costs; and 27th place for home heating oil costs. While Washington was shown to have some of the highest fuel prices in the nation, the state had the 13th least expensive monthly motor fuel costs.
Montana placed 12th in the overall ranking with total energy costs at $287. The state placed 10th in monthly electricity costs; 39th place in monthly motor fuel costs; and 28th place for home heating oil costs. Montana tied for 4th place in having the lowest natural gas prices in the nation. However, they ranked 26th in monthly natural gas costs due to higher consumption levels.
While Idaho placed 3rd in the nation for having the lowest electricity and natural gas prices, the state’s overall energy costs ranked at number 17 in the country at $291. Idaho also placed 20th for monthly electricity costs; 23rd place in monthly natural gas costs; 38th place in monthly motor fuel costs; and 31st place for home heating oil costs.
Finally, Wyoming’s overall ranking was number 50 with total energy costs of $355. The state ranked 13th place in monthly electricity costs; 35th place in monthly natural gas costs; and 26th place for home heating oil costs. Not only did Wyoming have the highest monthly motor fuel costs, placing them at number 51, the state also had the highest fuel consumption per driver in the nation.
To read WalletHub’s full findings, visit http://bit.ly/1M8qvvT.