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Energy affordability is a crucial part of overall affordability. For most households, transportation is the 2nd largest average household expense, behind only the cost of housing. And included in the cost of housing, heating is a major household expense.
As the graph above shows, total energy (fuel + electricity) costs for a representative Vermont household increased steeply from 2020 to 2022 and have been over $7,000 for each of the last three years. These figures are only energy costs and do not include equipment and maintenance costs, which can be significant additional expenses.
For a Vermont household with 2 gas cars that drove an average amount of vehicle miles per year in vehicles with average fuel efficiency, annual gasoline expenses were over $3,000 last year. For an average Vermont household heating with fuel oil, heating costs were over $2,500 last year.
As long as Vermonters remain dependent on high-cost and price-volatile fossil fuels like gasoline for transportation and propane and fuel oil for heating, there is no path to durable energy affordability.
In contrast to fossil fueled vehicles and heating equipment, electric vehicles and heat pump technology for space and water heating is far more energy efficient, often requiring only ⅓ to a ¼ of the energy to accomplish the same result. Combining these efficiency advantages with the greater price stability of electricity as compared to fossil fuels, electric transportation and heating can lower energy bills year after year, delivering durable, long-lasting savings rather than fleeting one-time affordability.
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