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Americans Spent Over $22 Billion More on Electricity the Past Year

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Ownerly examines which states saw the largest increase in electric bills the past year, as energy inflation hit a 40-year high.

Press Release


Jan 5, 2023

In 2022, American consumers faced the highest electricity costs in more than 40 years, due to inflation, a rebounding economy and fuel-related repercussions from the Ukraine war. It appears the worst is not over. A newly released study from Ownerly, a leading home and property value estimation platform, analyzed 12 months of Energy Information Administration (EIA) data and found the increase in out-of-pocket consumer spending exceeded 22 billion—not all related to an increase in usage.

Ownerly examined electricity price data between October 2021 and September 2022 to identify which states paid the most in 2022, which states saw the greatest percentage increase from the previous year and where overall electric costs increased the most. The time period of our analysis also coincides with the highest inflation rates Americans have seen in four decades.

“The last six months have been even worse for residential energy bills than the previous six months,” said Ownerly data analyst Darcy McCusker. “Nine states including Hawaii, Texas, Oklahoma and New Hampshire have had increases of $30 or more per month since April alone, and just over half of all states have seen a percentage increase of at least 10%.” 

Key takeaways

  • Hawaii and Connecticut had the highest monthly electric bills in 2022; Utah and New Mexico had the lowest. Hawaiians paid on average $210.26 a month, followed by  Connecticut ($173.16), Alabama ($164.62), Georgia  ($153.45) and Texas ($152.83).
  • Hawaii had the greatest dollar increase in energy costs, but Maine had the highest bill increase. While monthly bills went up $38.08 in Hawaii, Maine saw the highest bill increase over the 12 months we examined, paying 31.26% more monthly than the previous year. 
  • Prices in Wyoming and Oregon actually dropped in 2022. Not all states saw a monthly rise in electric bills: monthly average bills dropped slightly in Wyoming (-79¢) and Oregon (-24¢). 

These bills also include higher electricity usage during the summer months. “So many of the colder states that use more energy in the winter than the summer, like North Dakota, Tennessee and West Virginia, could see those same increases this winter,” McCusker said. 

The EIA also expects US energy prices to remain high into 2023.

Find the full study and a breakdown by state here: https://www.ownerly.com/data-analysis/best-worst-states-electric-bills

How to lower your electric bills

The following energy-saving tips can help lower electric bills without necessarily requiring costly retrofits or remodeling. 

  • Be mindful of maintenance. Keep appliances running efficiently by periodically vacuuming under your refrigerator and changing your HVAC filter, among other things. Home appliances consume less electricity when they are properly maintained. 
  • Look at your lighting. Invest in energy-efficient LED bulbs and use translucent lampshades to maximize their performance. Motion sensors can be connected to your lamps to turn them off when not in use. This can also be accomplished with smart bulb schedules and automation.
  • Ask your provider for an energy audit. Many utility companies offer free consultations for ways to help lower your energy bills. Also, many states offer incentives for energy efficiency. Check the Database of State Incentives for Renewables & Efficiency and plug in your zip code to find programs in your area.
  • Check for available rebates. Some cities or energy providers may offer rebates to homeowners who use smart thermostats, energy-efficient appliances, smart lighting or other energy-saving technologies. Reach out to your bill provider and ask if there are any rebates or incentives available to you.

Costlier home modifications can generate bigger energy savings, but may not pay for themselves in the near term. If you happen to be remodeling anyway, some energy-conserving upgrades to consider include:

  • Adding more insulation to retain indoor heating and cooling
  • Swapping in energy-saving appliances
  • Installing energy-efficient doors and windows
  • Improving your HVAC system

Find more tips here on How to Save Energy at Home

Methodology

To determine monthly electric bills by state, Ownerly examined residential estimated electricity use and sales data from the US Energy Information Administration from October 2018 through September 2022. For the purposes of this study, 2022 refers to energy prices and usage from October 2021 through September 2022. Note that statistics do not include any customer service charges from providers.

About Ownerly

Ownerly provides homeowners, buyers and sellers with professional-grade home values used by real estate agents, banks and lenders. With Ownerly, users get important home sales insights and can track the value of their single most important investment—their home.

For more information or press inquiries, please contact Kerry Sherin ([email protected]).

Source: Ownerly

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Quantum Computing Breakthrough: Data Security Implications

MIT’s new quantum algorithm could revolutionize data processing, posing significant challenges for current cryptographic systems. This article explores the implications for data security and potential solutions to counteract quantum threats.

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The recent breakthrough in quantum computing by researchers at MIT marks a pivotal moment in the field of data security. On August 19, 2026, Nature published the details of a new quantum algorithm capable of processing data at speeds previously unimaginable. While this innovation holds enormous potential for advancing machine learning and other computational fields, it simultaneously presents a formidable challenge to the current cryptographic systems relied upon to safeguard sensitive information.

At the core of contemporary data security is the reliance on encryption techniques that depend on the complexity of certain mathematical problems, such as the factoring of large numbers, which are currently infeasible for classical computers to solve within a practical timeframe. However, quantum computers, with their ability to perform calculations exponentially faster than traditional machines, threaten to render these encryption methods obsolete. This development could have profound implications for sectors that prioritize data security, including finance, healthcare, and government, where sensitive data is at risk of exposure.

The immediate concern for cybersecurity experts is the potential for quantum computers to crack widely used encryption protocols, such as RSA and ECC, which form the backbone of secure internet communications. The computational power unleashed by quantum algorithms could theoretically decrypt encrypted data in a fraction of the time required by classical computers, leaving digital communications vulnerable to interception and exploitation.

In response to this looming threat, researchers and industry experts are actively exploring the development of quantum-resistant algorithms. These algorithms are designed to withstand the capabilities of quantum computing, ensuring the confidentiality and integrity of data even in a post-quantum world. Efforts in this direction include the study of lattice-based cryptography, hash-based signatures, and multivariate polynomial equations as potential foundations for secure encryption systems.

The urgency to develop and implement quantum-resistant cryptography is underscored by the rapid pace of advancements in quantum technology. Tech companies, governments, and academic institutions are investing heavily in research to safeguard their data infrastructures against quantum threats. The transition to quantum-resistant systems, however, is not without its challenges. It requires a comprehensive overhaul of existing cryptographic frameworks and widespread adoption across industries, a process that demands both time and resources.

Despite these challenges, the potential benefits of quantum computing in fields such as artificial intelligence, pharmaceuticals, and materials science cannot be overlooked. The same capabilities that pose a threat to data security also offer the promise of unprecedented advancements in computational power, enabling breakthroughs that were previously beyond reach.

As the world stands on the brink of a quantum revolution, the dual-edged nature of this technological leap is clear. While the security of our digital world faces new threats, the opportunity for innovation and progress is equally profound. The path forward will require a concerted effort to balance the risks and rewards of quantum computing, ensuring that the transformative potential of this technology is harnessed responsibly and securely.

In the coming years, as quantum technologies continue to evolve, the focus will be on developing robust standards for quantum-resistant cryptography and fostering collaboration between academia, industry, and government to navigate this new frontier. The race to secure our digital future in the face of quantum capabilities is not just a technical challenge but a strategic imperative that will shape the landscape of cybersecurity for decades to come.

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AI-Driven Tools Propel Mars Exploration to New Heights

NASA’s latest Mars mission features AI-driven tools in its rover, enabling autonomous navigation and faster data transmission, marking a significant advancement in space exploration technology.

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NASA’s latest mission to Mars has captivated both scientific communities and the public, as the new rover equipped with AI-driven exploration tools begins its journey across the Martian landscape. Wired’s August 2026 report highlights the rover’s ability to autonomously navigate the challenging terrain while making real-time decisions, significantly enhancing the efficiency of data collection. This innovation is poised to revolutionize the way robotic missions are conducted in space.

The rover’s sophisticated communication systems represent another leap forward, allowing for faster and more reliable data transmission back to Earth. These advancements mean that scientists can receive critical information more swiftly, enabling them to adjust mission parameters as needed. According to Wired, this capability is essential for responding to unexpected findings and maximizing the scientific value of each mission.

Moreover, the integration of AI tools in the rover’s design marks a pivotal shift towards reducing dependence on Earth-based commands. As Wired notes, this development could pave the way for future missions that operate with greater autonomy, setting the stage for more complex and prolonged explorations of Mars. The implications of this technology extend beyond current missions, suggesting a future where human exploration of Mars is supported by highly capable robotic counterparts.

As NASA continues to push the boundaries of space exploration, the success of this mission will likely influence the design and execution of future endeavors. The potential for these AI-driven tools to transform space exploration is immense, promising a new era of discovery and innovation on the red planet and beyond.

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Quantum Computing Breakthroughs: Disrupting Industries with Oxford’s Innovations

A recent breakthrough in quantum computing at the University of Oxford promises to disrupt multiple industries by significantly enhancing computational capabilities. Explore the technological implications and potential disruptions poised to redefine sectors.

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In May 2026, the University of Oxford announced a significant breakthrough in the field of quantum computing, unveiling an advanced error correction algorithm that has the potential to transform computational capabilities. This development is not just a scientific triumph; it heralds a new era of technological disruption across multiple industries. Quantum computing, long anticipated as the next frontier in technology, promises to solve complex problems beyond the reach of classical computers, and Oxford’s latest advancement brings this closer to reality.

At the core of this breakthrough is the enhancement in quantum error correction, a critical component that addresses the inherent instability of qubits, which are the fundamental units of quantum information. Traditional computers use bits of 0s and 1s, but quantum computers operate on qubits, which can exist in multiple states simultaneously. This superposition allows quantum computers to process information exponentially faster than classical computers. However, qubits are notoriously prone to errors due to environmental noise and operational inaccuracies. Oxford’s new algorithm significantly improves the error correction process, maintaining qubit stability longer and allowing extended computational tasks to be performed accurately.

The implications of this are profound. Industries ranging from pharmaceuticals to finance stand on the cusp of disruption as quantum computing offers the ability to model complex molecular structures, optimize large-scale financial portfolios, and even revolutionize artificial intelligence algorithms. In pharmaceuticals, for example, quantum computing can expedite drug discovery by accurately simulating molecular interactions, potentially reducing the time and cost associated with bringing new drugs to market. Similarly, in finance, quantum algorithms can optimize trading strategies and risk management with a precision unattainable by current technologies.

Moreover, the ripple effects of such a leap in computational power extend to data encryption and cybersecurity. Quantum computers possess the potential to decrypt classical encryption methods, prompting a race for quantum-resistant cryptography. This necessitates a paradigm shift in how we secure digital information, affecting every sector that relies on data security.

Despite the tremendous promise, the transition to quantum computing is not without its challenges. The infrastructure required to support quantum technologies is expensive and complex. There is also a significant skills gap; experts in quantum computing are scarce, and training a new generation of scientists and engineers is imperative. Furthermore, ethical considerations regarding the power of quantum computing must be addressed, particularly in terms of privacy and security.

Looking forward, as quantum computing continues to evolve, industries will need to adapt swiftly to harness its capabilities. Early adopters who invest in quantum technologies and develop quantum-ready strategies will likely dominate in the coming decade. As Oxford’s breakthrough demonstrates, the race is on to fully realize the potential of quantum computing and redefine the boundaries of what is technologically possible.

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