The price of electricity, the bill light
According to a report, more than 20 million American households risk losing power because they have failed to pay their utility bills.
The National Energy Assistance Directors Association, an organization responsible for collecting data on national energy programs, says one in six households is at risk of getting their power disconnected because of delinquent balances.
In a statement to Fox Business, executive director Mark Wolfe stated that number was “historic.”
One primary contributing factor is the increased cost of energy. According to the Labor Department, natural gas increased by over 30% year after year in July.
While many people did see an increase in bills this summer, households will also pay more this winter.
Andrew Lipow, president of Lipow Oil Associates stated:
The consumer is going to pay more for their heating bills this winter.” He also added: “Whether they use natural gas or home heating oil, most will have sticker shock,” Fox Business reports.
Lipow continued to say that “natural gas futures prices are now more than double what they were a year ago.”
The utility debt was $8.1 billion in 2019, but it now sits at $16 billion, with delinquent bills growing from nearly $400 to $792.
With inflation at a 40-year high, the cost of living has increased drastically, leaving many households in jeopardy of not having power.
Roomies, what do you think of this?
