Utility bills have surged for many homeowners, with electricity costs up 5.5% year-over-year. Natural gas prices, in particular, have been rising steadily since the summer of 2023 and are now sitting at a national average of $1.75 per therm, according to the Federal Reserve Bank of St. Louis. That's just pennies away from the all-time high of $1.82 per therm reached in January 2023.
Why are bills rising so much? When demand grows, prices tend to follow. Between he increased energy demands from data centers and the Iran conflict cutting off oil supply, demand could quickly outstrip supply. Neither the demand nor the price hikes is likely to diminish soon.
