EPRI’s Household Energy Costs Analysis Shows Potential Electrification Benefits
Geoffrey Blanford is EPRI Principal Technical Executive for Energy Systems and Climate Analysis.
Household energy spending is a key metric for understanding energy affordability. EPRI’s recent Energy Wallet report looks at average energy expenditures per household, highlights key differences across states, and projects potential future trends.
Even with higher energy prices, electrification and efficiency stand to reduce total household energy costs over the next twenty-five years. Why? Spending more on electricity means spending a lot less on other fuels.
What Is the Energy Wallet?
The Energy Wallet measures households’ total direct purchases of energy, including fuels used in the home and for personal vehicles. Unlike metrics that focus solely on electricity or utility bills, the Energy Wallet gives a fuller picture of how much families spend energizing their homes and vehicles, including:
Utility bills for electricity and natural gas; Heating fuels like propane and fuel oil; Gasoline for personal vehicles; Public electric vehicle charging; and Amortized costs of residential solar systems.