2024 US Electricity Price Growth
In 2024, the average retail price of electricity paid by ultimate customers in the US increased 0.9% on a nominal basis, reaching 13.44 cents per kilowatt-hour, compared to 13.32 cents/kWh in 2023. The incremental uptick continues the trend of price moderation that began in 2023, which saw a 3.7% increase, following a significant 12.1% surge in 2022.
When adjusted for inflation, the real price in 2024 declined 1.6%, marking the first real price decline since 2020.
