Cooling costs expected to increase along with temperatures this summer

Excessively hot weather is one of the most dangerous situations that people can endure, and there is expected to be even more of that this coming summer. That will not only result in increased medical costs in the most serious cases, but it will also lead to notable increases in cooling costs and, as a result, inability to pay those bills and related debts.

Not only are the average day-to-day temperatures supposed to be warmer than in past summers, but heat waves are predicted to occur more often, last longer and lead to even hotter conditions at their peaks than had been the case in previous years.

Cooling costs expected to increase at a 9% rate

The Center for Energy Poverty and Climate and the National Energy Assistance Directors Association have jointly projected that the average cost to cool homes this summer to comfortable and, more importantly, healthy levels is expected to be $719. That is a considerable 8.8% increase on the corresponding figure of $661 a year ago, which comes to more than twice the rate of inflation (3.3%).

Those looking to stay cool in many parts of the Mid-Atlantic region and along the West Coast should expect even greater hits to their bank accounts, around a 12% increase in cost.

This is all despite the fact that electricity prices have dropped some over the past year. However, usage is rising at a high enough percentage to more than counteract those lower rates.

Financial impacts of hotter weather