Survey finds New Jersey is inexpensive to live in when it comes to energy

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Contrary to public opinion, a website has found it is actually cheaper to live in New Jersey than most of the other 50 states. Click on read more to find out why. Contrary to public opinion, a website has found it is actually cheaper to live in New Jersey than most of the other 50 states. Click on read more to find out why. Contrary to public opinion, a webite has found it is actually cheaper to live in New Jersey than most of the other 50 states. Click on read more to find out why:

Sure, the high amount of state and local taxes that New Jersey residents pay has been debated and chronicled for years. But Wallethub.com, the Social Network for Your Wallet has uncovered and way in which it feels that residents of New Jersey actually save money.

New Jersey is one of the least expensive states when it comes to energy usage, according to WalletHub.

Can’t be true, can it?

Apparently, the experts at WalletHub.com think so.

And saving on your energy bills is most important during July and August, the two hottest months of the year. That’s when energy costs are their highest and air conditioning units work their hardest, according to John S. Kiernan, writing for Wallethub.com.

“In the United States, 7.1 percent of the average consumer’s total income is spent on energy costs, including fuel, natural gas and electricity,” he said. “And during the summer, when many Americans undergo major life transitions such as relocating to start a new job or start a family, the difference in energy costs among states becomes an important financial consideration.”

WalletHub researched the cost and average monthly consumption of electricity and natural gas to determine energy costs. Then WalletHub tallied up the average number of miles driven, average car fuel consumption, and number of drivers with the average fuel price to determine automobile energy costs. They combined those results to determine a state’s average monthly energy usage.

Least expensive sates: The winners and losers

Surprisingly, Colorado leads the way in least expensive states with a total monthly energy cost of $301, according to Wallethub. Colorado ranks fifth in electrical costs, 17th in natural gas costs and 18 in monthly fuel costs.

Washington ($302) is next with Montana ($305) rounding out the top-three of least expensive states.

Rhode Island is fourth ($307) and Pennsylvania is seventh ($307).

While New Jersey didn’t crack the top-10 in the list of least expensive states, it came close. New Jersey ranked 11th ($324).

So which states are the most expensive?

According to WalletHub.com, its Connecticut ($404), Mississippi ($414), and Hawaii ($451).

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