Household power costs: October 2024

With electricity prices varying widely from state to state — from California's high of 32.56 cents per kilowatt-hour (kWh) to Louisiana’s low of 11.50 cents per kWh — understanding what you’ll pay and how much energy you’ll likely use is more important than ever. In this update, we’ll break down current electricity rates, expected usage patterns, and tips for saving on your next energy bill.

Your electricity ‘supply rate’ is the price you pay for each unit of electricity you use, measured in kilowatt-hours (kWh). One kilowatt-hour is the amount of electricity it takes to power something like a 100-watt light bulb for 10 hours. So, when you see something like 16.62 cents per kWh, that’s how much the electric company charges for each unit of power you use. The more power you use, the more kWhs you rack up, and the higher your bill will be.

How much does electricity cost right now?

The average cost of electricity in the U.S. for October 2024 is about 16.62 cents per kilowatt-hour. Rates vary by state, with some areas like California reaching up to 32.56 cents/kWh, while states like Louisiana have rates as low as 11.50 cents/kWh. Here’s a look at what the electricity supply rates are in each U.S. state today, and where rates are currently the most and least expensive:

10 states with the highest rates

10 states with the lowest rates

How much energy can I expect to use in October?

As temperatures begin to cool in October, your household’s energy usage might shift as well. On average, households across the U.S. will consume anywhere from 500 to over 1,100 kilowatt-hours (kWh) this month, depending on where you live. Let’s take a closer look at typical usage patterns for October so you can better anticipate your energy needs.

10 states with the highest usage

10 states with the lowest usage

How much will my power bill cost this month?

Wondering what your power bill will look like this October? Your bill could range from just over $100 to over $500, depending on where you live and how much energy you consume. Here’s how to estimate your costs:

Your power bill is made up of many different charges, including your supply charge (the price you pay per kWh). Here are some other key charges that will impact the total amount you pay:

• Delivery charges: Utilities charge for delivering electricity or gas to your home, which may vary depending on your location.
• Capacity charges: Charges to ensure enough energy capacity is available to meet peak demand.
• Taxes and fees: Including local, state, and federal taxes, as well as regulatory and environmental fees.
• Metering and service fees: For reading and maintaining your meter, as well as general account services.

While it's hard to predict delivery charges, taxes, and fees, the supply portion of your bill can be estimated as follows:

Monthly Bill=Average Usage (kWh)×Rate (¢/kWh)÷100

How can I save? What rates are available?

In certain deregulated energy markets, households can choose from competitive electricity supply rates that offer potential savings compared to standard utility rates.

Lower supply rates available

These substantial savings are only available in deregulated energy markets.

Take 2 minutes to join thousands of other Arbor households lowering their energy costs.