Monthly Economic Report: Home Energy Costs Down Over Last Year


Audit Date: October 25, 2012

Audit Categories

  • Financial
Controller: Alan Butkovitz

Executive Summary


For Immediate Release:
October 25, 2012

Contact: Brian Dries
215-686-8869

Home Energy Costs Down Over Last Year
Controller Alan Butkovitz’ latest economic report reviewed average electricity
& utility gas rates for the Philadelphia metro

September 2012 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest Economic Report that found average home energy costs in August for the Philadelphia metro declined by as much as eight percent over the same month last year.

By analyzing the U.S. Bureau of Labor Statistics’ Average Energy Prices for the Philadelphia metro, the average unit cost of electricity dropped eight percent, from $.173 per kilowatt hour (kWh) in August 2011 to $.159 per kWh in August 2012. The average unit cost of utility gas declined by almost seven percent, from $1.256 per therm to $1.169 over the same period.

While home energy costs were lower over the last year in the Philadelphia metro, the average price of electricity and utility gas were both higher than the national average by $.03 and $.22 per unit, respectively. Philadelphia’s rate was also higher than other U.S. metros. A breakdown of average electricity unit costs around the United States included the following:

City

Avg. Electricty Cost per kWh

Los Angeles

$0.193

Philadelphia

$0.159

Chicago

$0.142

U.S. Avg.

$0.133

Washington D.C.

$0.132

Seattle

$0.093

Along with reviewing home energy costs, the Controller’s economic report indicated September tax revenues totaled $175.8 million, a 6.4% increase from collections in September 2011. Monthly sales tax revenues totaled $20.6 million, which is a 1.5% increase over last year. Sales tax revenues have been at or above the previous year’s collections for the last 11 months.

The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information on other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. The Controller’s economic report is a useful tool for policy makers and analysis in understanding our regional and local economy.

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