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1 in 5 Americans Struggling to Pay Utility Bills On Time Amid Historic Rate Hikes
Household budgets are getting even tighter with historic utility rate hikes hitting states across the US. A new report by HOP Energy found that nearly half of Americans are stressed about the cost of their utility bills.
In 2024, 71% Americans are trying to cut utility costs. Amid the economic challenges, about 1 in 5 Americans faces difficulties paying bills on time and 19% report late payments on at least one utility bill in 2023.
Over half of Americans feel their utility bills were higher in 2023 than in past years; of those, 69% say electricity increased most. Interestingly, 56% of Gen Z underestimates the costs of their utilities.
However, Americans are reclaiming control over their utility expenses through strategic measures. Among the top 10 ways Americans are cutting utility costs are adjusting thermostat, unplugging more items that aren’t in use, energy efficient light bulbs, and shorter showers/fewer hot showers.
What do experts recommend to cut utility costs in 2024? Take a look at the full report to see the top 4 ways HOP Energy experts recommend to save on costs.