FORT MILL, S.C., Aug. 13, 2018 /PRNewswire-PRWeb/ -- Average U.S. commercial electricity rates increased in 29 states in May, according to a ChooseEnergy.com analysis of the most recent data from the U.S. Energy Information Administration. However, the increase was less than 1 percent, boosting the average rate only slightly to 10.5 cents per kilowatt hour.
The price hike was substantially larger in some states. Missouri commercial business owners fared the worst: Rates increased 18.1 percent there to 10.05 cents/kWh. It should be noted, however, that the increase still left them paying less than the national average. Commercial business owners in 25 states paid more for electricity in May than Missouri did. Those in Oklahoma and Arkansas paid the least – 7.5 cents/kWh, while those in Hawaii paid the most – 29.35 cents/kWh.
What do these rates mean? The EIA estimates that commercial businesses use 6,278 kWh of electricity a month. That means establishments in Missouri averaged paying nearly $631 in May for electricity, compared with about $471 in Oklahoma and Arkansas.
The following charts show the highest and lowest commercial rates for May. See the Choose Energy rates by state page for full rate information on the month.
Lowest commercial rates
Oklahoma: 7.5 cents/kWh
Arkansas: 7.5 cents/kWh
Nevada: 7.8 cents/kWh
Idaho: 8.2 cents/kWh
Texas: 8.2 cents/kWh
North Carolina: 8.3 cents/kWh
Virginia: 8.3 cents/kWh
Washington: 8.6 cents/kWh
Louisiana: 8.7 cents/kWh
Illinois: 8.8 cents/kWh
Highest commercial rates
Hawaii: 29.4 cents/kWh
Alaska: 18.9 cents/kWh
Connecticut: 16.6 cents/kWh
New Hampshire: 16.4 cents/kWh
Massachusetts: 16.1 cents/kWh
California: 15.7 cents/kWh
Rhode Island: 15.6 cents/kWh
Vermont: 15.3 cents/kWh
New York: 13.7 cents/kWh
New Jersey: 12.2 cents/kWh
"Having lower electricity rates can be a huge incentive for business recruiters," said Jeff Mumford, president of Choose Energy. The company's website keeps readers abreast of the latest energy news developments across the country. "It's important for them to know how states stack up on energy prices."
Industrial rates also matter for recruiters. The average industrial rate for the U.S. was 6.82 cents/kWh. Washington had the nation's lowest industrial rate – 4.4 cents/kWh. Hawaii's 25.7 cents/kWh was the nation's highest.
The following charts show the highest and lowest industrial rates for May.
Lowest industrial rates
Washington: 4.4 cents/kWh
Montana: 4.7 cents/kWh
Oklahoma: 5.1 cents/kWh
Louisiana: 5.2 cents/kWh
Arkansas: 5.2 cents/kWh
Nevada: 5.4 cents/kWh
Georgia: 5.5 cents/kWh
Texas: 5.6 cents/kWh
Kentucky: 5.6 cents/kWh
New Mexico: 5.6 cents/kWh
Tennessee: 5.6 cents/kWh
Highest industrial rates
Hawaii: 25.7 cents/kWh
Alaska: 17.5 cents/kWh
Rhode Island: 14.5 cents/kWh
Massachusetts: 14.3 cents/kWh
New Hampshire: 13.5 cents/kWh
California: 12.6 cents/kWh
Connecticut: 12.6 cents/kWh
Vermont: 10.2 cents/kWh
New Jersey: 9.0 cents/kWh
Maine: 8.9 cents/kWh
Average residential rates rose 2 percent nationally in May from the preceding month to 13.15 cents/kWh. Again, Missouri rates increased the most – 20.2 percent to 12.45 cents/kWh.
For more information about commercial, industrial and residential rates, including historical pricing information, contact Arthur Murray, managing editor of ChooseEnergy.com.
About Choose Energy, Inc:
Choose Energy, founded in 2008, aims to make energy choice simple and easy for everyone. The company wants to educate consumers about energy and uses its online marketplace to connect consumers and businesses in 15 deregulated states and the District of Columbia with leading electricity and natural gas retailers. It is part of Fort Mill, SC-based Red Ventures.
SOURCE PRWeb House E-Commerce
Share this article