Consumers say their home energy bills would have to more than double before they become unaffordable, according to the University of Michigan Energy Survey.
The survey measures the affordability of consumer energy costs based on two key indicators: home energy bills and gasoline prices. Consumer sentiment regarding home energy expenses has remained stable over the past two years, but it proved more sensitive to changes in gasoline price.
The energy survey is a joint project of the university’s Energy Institute and its Institute for Social Research. The survey runs quarterly as part of the long-running Surveys of Consumers, which is the source of the nationally recognized Index of Consumer Sentiment.
To create its energy affordability indices, researchers analyzed two years’ worth of data that surveyed a total of 3,400 Americans on how they felt about their home energy bills and gasoline expenses. Consumers were asked how high an energy cost would have to rise before their household would find it unaffordable, in the sense of having to make lifestyle changes due to the expense.
Read more at the University of Michigan News Service