Rising Energy Costs in Ohio: Explained

Rising energy bills are a persistent trend across the country. Like those everywhere, Ohio homeowners wonder why they’re paying more and what they can do about it.

If you’re feeling the pinch as energy costs increase, it’s essential to understand the underlying causes. These include market fluctuations, regulatory changes, and infrastructure updates, so you can take steps to keep your bills as low as possible.

As the saying goes, knowledge is power — in this case, it could lead to energy savings. These tips from our knowledgeable technical staff can help you conserve electricity and get the most out of your home comfort systems.

If you have additional questions on increasing energy costs or to schedule friendly, professional services from NATE-certified technicians, call Blind & Sons at (330) 753-7711 today.

What’s Going On With Increased Energy Bills?

Several factors are contributing to the rise of energy bills in the greater Northeast Ohio region, including:

1. Increased generation supply prices: Homeowners receiving their electric generation supply through AEP Ohio’s Standard Service Offer (SSO) will see higher energy bills until May 2024.
2. Rising demand: Severe weather events can lead to unexpected higher demand, in which case the utility needs to secure additional supply.
3. Increased auction rates: Ohio utility companies do not generate electricity, so they must purchase it at auction. Inflation and the Ukraine war have impacted auctions and led to price spikes.

Stricter environmental laws and carbon emissions taxes also impact Ohio’s energy costs and countrywide.

Are Energy Prices Expected To Come Down At Any Point?

For some Ohio homeowners, the answer is yes. If you currently receive electricity through Ohio’s SSO, you could see prices decrease in June 2024. In addition, as Ohio is one of the country’s 18 states with a deregulated electricity market, you can save money by shopping for a supplier and weighing things like rates and clean energy options.

Watch out for hidden costs, such as a high termination fee, and whether you’ll pay a fixed or variable rate. You can also compare rates on Ohio’s Public Utilities Commission Apples to Apples website.

Will energy prices continue to fall in 2024? Analysts predict wholesale energy prices will keep dropping into 2024. However, residential electricity prices aren’t expected to follow suit. That’s because liquified natural gas, a substantial fuel for electricity generation, is in short supply. Unfortunately, most homeowners should prepare to pay more for electricity in 2024.

Tips To Lower Energy Use

While you can’t change electricity prices, you can take several impactful steps to reduce your energy bills throughout the year:

• Decrease electrical use during the summer months by bumping the thermostat up a few degrees. Raising it by 5 degrees can cut cooling costs by 20%.
• If you haven’t already, replace incandescent bulbs with LED versions, which use at least 75% less energy and last 25 times longer.
• Replace older appliances with energy-efficient models that use less electricity.
• Install low-flow plumbing fixtures to reduce water use, reducing the energy needed to heat water.
• Insulate hot water pipes to reduce heat loss.
• Join Blind & Sons’ maintenance value plan to ensure optimal efficiency and maximize seasonal discounts and savings.
• Invest in a smart thermostat that learns your habits and can be remotely controlled.
• Use window treatments that keep heat out in summer and during winter.

These tips will make your Northeast Ohio home’s heating, cooling, plumbing, and electrical costs more manageable.

To Learn More, Contact Blind & Sons

Since 1937, Blind & Sons has been helping Northeast Ohio homeowners get the most efficiency out of their home’s comfort systems. Our air conditioning, heating, plumbing, and electrical services help improve equipment performance, reducing energy use and the associated costs.

We also offer 24/7 emergency HVAC service with no overtime fees and provide warranties and guarantees that meet or exceed industry standards. Your satisfaction is always 100% guaranteed!