Industry News

Electricity Prices on the Rise

According to finalized data from the U.S. Energy Information Administration, the average residential price of grid electricity in the U.S. increased 10.1% between 2021 and 2022. Further, the average commercial price of electricity rose 10.6% over that same period of time. The 10.1% residential and 10.6% commercial increases reflect the largest year-over-year electric price increase in each customer category in at least a decade.

More worrisome, policy-driven electrification efforts, which are being pursued in states across the country, will require additional investments in generation, distribution, and transmission infrastructure to produce more electrons and ensure their safe movement across the bulk electric system. All of this is embedded in the rate bate passed along to utility customers, and puts upward pressure on retail electricity prices. 

Fast Facts:

  • 2022 Average U.S. Residential Electricity Price: 15.04 cents per kWh
  • 2022 Average U.S. Commercial Electricity Price: 12.41 cents per kWh
  • 2022 Average U.S. Industrial Electricity Price: 8.32 cents per kWh

Propane is a clean, efficient, and cost-effective fuel to power countless residential and commercial building applications. For more information on the numerous benefits of using propane to power buildings, visit the Home Use and Business Use sections of PERC’s website. For more information, contact NPGA’s Director of State Affairs, Jacob Peterson