NJ is an energy efficient state
In the report, 2014's Most & Least Energy-Expensive States, average consumers spend 7.1 percent of their total income on energy costs, including electricity, natural gas and fuel. The report compared energy costs in the 50 U.S. states and the District of Columbia.
In New Jersey, our monthly average cost is $324, including $110 in electric, $58 in natural gas and $156 in fuel costs. Hawaii ranked as the most energy-expensive state with costs averaging $451. Colorado was the least energy-expensive state at $301.
However, high unit prices doesn't necessarily correlate with high energy bills. Odysseas Papadimitriou, CEO of WalletHub, said that if energy consumption is low, bills will be low, regardless of the actual price.
So how did New Jersey fair in electricity consumption? "The price of electricity in New Jersey is very expensive, it's ranking 42, but the consumption is very competitive so the people of New Jersey rank number 11 in the country," Papadimitriou said.
Overall, Papadimitriou said, "New Jersey's ranking is not necessarily because they have such competitive prices, but more because its residents are more efficient than residents in the other states."
How can New Jersey help lift its ranking? "Looking at the public transportation options, looking at more energy efficient cars next time we buy a car, [and] looking into our homes of whether we can save energy," Papadimitriou said. "Relying on natural gas versus electricity could save people money in New Jersey."