U.S. Cooling Costs Jump 10.5% as 185 Million Face July 4 Heat Alerts
Updated
Updated · CBS New York · Jul 4
U.S. Cooling Costs Jump 10.5% as 185 Million Face July 4 Heat Alerts
3 articles · Updated · CBS New York · Jul 4
Summary
Cooling bills are projected to rise 10.5% this summer from a year ago, adding to pressure on U.S. households during the July 4 heat wave.
NEADA said electricity prices have been rising faster than overall inflation, driven by data-center power demand, higher natural gas prices and repairs to the electric grid.
More than 185 million people were under heat alerts Friday, with near-record temperatures hitting major Northeast cities including Boston, New York, Philadelphia and Washington.
Mark Wolfe of NEADA said households can trim bills by raising thermostats gradually to no higher than 78F; each 1-degree increase can cut electricity costs by about 3%.
New York City Mayor Zohran Mamdani echoed the 78F target, urging residents to dim lights, unplug nonessential devices and ease strain on the power grid.