'The higher price is largely driven by supply and demand,' Nick Loris, vice president of public policy for C3 Solutions.
President Joe Biden speaks about his administration's plan to tackle record-high inflation in remarks on May 10, 2022.
Summer is right around the corner, which means jamming up those air conditioning units. However, with therising, cooling down the house in the midst of the sweltering summer heat is going to cost more than usual. The U.S. Energy Information Administration estimated that on average there will be an increase of 3.9% in the price of electricity for U.S. households this summer. For the entire summer, the agency projects that the average household is expected to spend 0.9% more for electricity compared to summer 2021, according to the EIA. "The higher price is largely driven by supply and demand," Nick Loris, vice president of public policy for C3 Solutions.
In particular, experts "are warning it could be a particularly expensive summer for the northeast," Loris added.
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