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Colorado ranked No. 8 most energy efficient state in the nation

(The Center Square) – Colorado came in at number 8 on WalletHub’s list of the top 10 most energy efficient states in the nation, according to new data analysis by WalletHub.

The personal finance website examined home and vehicle energy consumption data from government sources for its analysis. Results do not include the noncontiguous states of Alaska and Hawaii due to data limitations.

“Energy is expensive,” the WalletHub analysis states. “In fact, it’s one of the biggest household expenses for American consumers. The average U.S. family spends at least $2,000 per year on utilities, according to the U.S. Department of Energy, with heating and cooling of spaces alone accounting for more than half the bill. In 2021, the average consumer spent another $2,148 on motor fuel oil.”

It doesn’t appear things will get any better this winter.

“We forecast that wholesale electricity prices at major power trading hubs will be about 20-60 percent higher on average this winter,” the U.S. Energy Information Administration reported Wednesday in its short-term energy outlook.

The outlook goes on to say, “We forecast the U.S. residential price of electricity will average 14.9 cents per kilowatt hour in 2022, up 8 percent from 2021. Higher retail electricity prices largely reflect an increase in wholesale power prices, which are driven by higher natural gas prices.”