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The Value of Electricity
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Tuesday | November 22, 2022
When Compared to Other Expenses, Electricity has a Surprisingly High Value
Electricity is a commodity we always expect to be available when we need it. We use it to power almost everything in our lives to some extent – from the alarm clock that wakes us up for work or school, to the television that helps us wind down at night, or the cell phone that keeps us connected with our loved ones. It is so readily available and easy to access we do not often realize it has a surprisingly high value when compared to many of our other daily or monthly expenses.
As a commodity people use frequently and pay for monthly, we are acutely aware of differences in our monthly billing statements. We may be even more mindful of our electric cost when rate increases make headlines. Given the regular information you receive about utility rates, you might be surprised to learn that electricity rates have one of the lowest cost increases over time when compared to other budget items like rent and education. In fact, when adjusted for inflation, electricity rates have been steadily decreasing since 1980 despite how increasingly reliant we are on the resource in our daily lives (source: U.S. Bureau of Statistics).
The average United Power family uses approximately 22-32 kWh per day, which is roughly equivalent to $3. Now think about your daily routine. Do you grab a coffee on your way to work or order food at a local restaurant during lunch? The average cup of coffee now costs just under $5, and for special blends or add-ons it could cost more. Fast casual meals at restaurants like Chipotle or Panera can cost more than $10. That means for the cost of a single cup of coffee, you could leave an LED TV on for more than 35 days or charge your phone more than 300 times on our standard residential rate. For just $5, you can do about 20 loads of laundry. If you were to shift your usage off-peak on our time-of-use rate, you could save even more.
To put it another way, most United Power members spend more on their cell phone plan ($4-5/day) than they do on electricity (as little at $2/day). The time you spend on your mobile device, which is probably a lot, is incomparable to how frequently you require reliable electric service. Many routines and daily tasks are becoming electrified with the introduction of new electronic devices, which means we are also using far more energy now than ever before.
The best way to capture the value of electricity is to make your home more energy efficient. You could make the transition to ENERGY STAR® appliances that require less energy, install a smart thermostat to monitor and adjust heating/cooling when you are away from home, or look into our rates that reward you for switching use to off-peak hours.