A recent heat wave caused major strains on power grids — and people's wallets.
What happened during the heat wave?
Temperatures surged across the eastern half of the United States, hitting (and sometimes exceeding) 100 degrees Fahrenheit in parts of New York City and Baltimore, per PBS. Millions of Americans from North Carolina to New York State were under extreme heat advisories.
As you can imagine, air conditioners and fans were plugged in all day to combat June's record-high heat. But that came at a cost. Reuters reported that electricity prices soared during peak demand. On Long Island, wholesale prices were over $7,000 per megawatt-hour.
Why should you care about the strained power grid?
In a country in which rising energy bills are an often unpredictable burden, a strained power grid only adds to the stress.
This June heat wave is also just one in a series of many. Last July set record average temperatures in the western U.S., with Las Vegas hitting a monthly average of 99.9 degrees Fahrenheit.
It all boils down to the changing climate. According to NASA, 2024 was the warmest year on record for global temperatures since record-keeping began in 1880. These rising global temperatures usher in more extreme weather, causing more intense heat waves, hurricanes, cold snaps, and more.
The country's power grid is straining to meet these increasingly high demands.
Kate Guy, a senior research fellow at the Columbia University Center on Global Energy Policy, told PBS: "We have an aging grid infrastructure already in United States. … Frankly, with each year is increased, historic temperatures and that intense heat arriving earlier than ever, just putting an immense pressure on the electrical grid."
Duke Energy Carolina has already told some customers to limit their electricity usage to relieve this pressure, according to Reuters.
How to avoid future price spikes
To cope with this sweltering heat, people often have no choice but to run their air conditioning — and pay the steep costs that come with it. But that doesn't make you completely helpless.
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Definitely 🥰 If you're interested in locking in stable energy costs and slashing heat-trapping pollution, you may want to consider solar panels. While the upfront cost of installation is expensive, leasing solar panels can be a solid alternative. To explore your options, check out Palmetto's LightReach program, which could help you lock in a low rate with zero money down.
If you're unsure whether leasing or buying is the best option, this list of pros and cons could help you choose. If you decide to purchase solar panels, EnergySage can connect you with vetted installers.
You could also participate in community solar, especially if you can't install rooftop panels.
Outside of solar, there are a couple of ways to predict your energy expenses and save money. A price calculator may be beneficial for calculating the average monthly cost of running your AC.
It usually needs to know what kind of AC you have, how much power it has, how long you're using it for, and how much you pay in kilowatt-hours.
For example, a small central AC running on 3,000 watts used for 10 hours per day costs about $144 per month if we go off the national average of 16 cents per kWh.
To save money, check your AC's filters. If the filter is clogged and the unit is working overtime, you're throwing money down the drain.
Next, make sure no air is seeping through the cracks. Lining windows with insulation foam can keep cool air in your house and cash in your wallet.
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