NEWS: This summer, utility bills rose quicker than inflation—and they don’t show signs of slowing down. 💨

The data: Last month, electricity and piped gas prices were up 4% year-over-year—but average utility payments increased 5.3% over that period, according to Bank of America’s analysis of internal deposit data. The drivers include 1) an unusually hot summer 2) data center demand and 3) growing grid investments. 

So, what’s in store for the winter? El Niño could bring relatively warm temps and offer some bill relief. Still, US households are set to see a nearly 9% year-over-year jump in heating costs in the coming months, the National Energy Assistance Directors Association predicts. 

As for the long(er) term: Through 2028, proposed and approved utility rate increases could add over $100B to US customers’ energy bills.