Crazy Money! Crazy High Energy Bills

It’s Crazy Money Day! 

Have you been shocked by the size of your energy bills? Ours have been crazy high! So high, my wife, Ann, thought a mistake had been made. Despite the fact that we change our filters regularly and set our thermostats at a conservative temperature, our bill is significantly higher than in previous years. So, what’s causing this?

Axios.com reports that America has an outdated power grid. Limited transmission capacity has increased prices. Overloaded power lines can’t carry more due to the risk of overheating. So, higher-cost, less-efficient means are used to meet the demand. AI data centers are a major factor. Cryptocurrency mining requires enormous amounts of energy – and that directly impacts consumers in certain parts of the country. Digital transactions, including credit card payments, put demand on these data centers. Electric vehicle manufacturing and use are other factors. Even remote working households add to the demand, and increasing demand and equipment upgrades lead to growing prices.

So, what can you do about it? Monitor your energy usage and research money-saving tactics. Check your utility provider’s time-of-use rates and do the majority of your household chores during off-hours. Buy energy-efficient appliances. Run your dishwasher and washing machines when fully loaded, and hang clothes to dry when possible. If you layer up this winter and do some basic home maintenance, you can lower your thermostat. Well, we’re in this together, so let’s steward wisely!

And if your utility bills and credit card debt are out of control, Christian Credit Counselors can help. They’ll create a debt management plan specifically for you. For more information, visit online at crown.org/ccc.