Story at a glance
- This summer was the hottest on record, scientists say.
- And a new Bankrate survey showed that most Americans paid more for electricity to deal with the heat.
- More than half of people said that extra costs put a strain on their budgets.
The summer of 2023 was the hottest on record, scientists say, and Americans paid the price for the scorching temperatures.
A new Bankrate survey found that 72 percent of Americans paid a higher electricity bill this summer due to extreme heat.
Out of those Americans, 53 said their higher-than-usual electricity bills this summer strained their finances.
Out of those people, about 31 percent said their finances were “somewhat” strained due to extra energy costs this summer and 23 percent said they were “significantly” strained.
And 57 percent of U.S. adults say they have incurred a cost due to extreme weather — like hurricanes, wildfires and tornados — at some point over the last decade, the survey found.
“Unfortunately, extreme weather events are a significant drain on Americans’ finances, and they seem to be getting more common,” said Ted Rossman, Bankrate senior industry analyst.
“With only 43 percent of U.S. adults able to pay for a $1,000 emergency expense from their savings, it’s easy to see how unexpected disaster costs can strain budgets and lead to expensive credit card debt and other financial challenges.”
Out of those U.S. adults, higher energy bills were the most common extra expense caused by extreme weather, with 32 percent saying they have had higher energy bills because of extreme weather.
Published on Oct 03,2023