Retail residential electricity prices in the United States have mostly risen over the last decades. In 2023, prices registered a year-over-year growth of 6.3 percent, the highest growth registered since the beginning of the century. Residential prices are projected to continue to grow by two percent in 2024. Drivers of electricity price growth The price of electricity is partially dependent on the various energy sources used for generation, such as coal, gas, oil, renewable energy, or nuclear. In the U.S., electricity prices are highly connected to natural gas prices. As the commodity is exposed to international markets that pay a higher rate, U.S. prices are also expected to rise, as it has been witnessed during the energy crisis in 2022. Electricity demand is also expected to increase, especially in regions that will likely require more heating or cooling as climate change impacts progress, driving up electricity prices. Which states pay the most for electricity? Electricity prices can vary greatly depending on both state and region. Hawaii has the highest electricity prices in the U.S., at roughly 43 U.S. cents per kilowatt-hour as of May 2023, due to the high costs of crude oil used to fuel the state’s electricity. In comparison, Idaho has one of the lowest retail rates. Much of the state’s energy is generated from hydroelectricity, which requires virtually no fuel. In addition, construction costs can be spread out over decades.

The retail price for electricity in the United States stood at an average of 12.72 U.S. dollar cents per kilowatt-hour in 2023. This is the highest figure reported in the indicated period. Nevertheless, the U.S. still has one of the lowest electricity prices worldwide. As a major producer of primary energy, energy prices are lower than in countries that are more reliant on imports or impose higher taxes. Electricity prices in the U.S. by consumer group On average, retail electricity prices in the U.S. grew by over 85 percent since the beginning of the century. However, not every sector has been affected equally by the said price increase. U.S. electricity prices for residential customers saw a much steeper increase in the period, while transportation prices increased by approximately 50 percent. Reasons for increases in electricity prices The rising prices are justified by the costs of power production and power grid maintenance. Although the production cost of electricity generated from coal, natural gas, and nuclear sources remained relatively stable, the integration of renewable energy sources, investments in smart grid technologies, growing peak demand, power blackouts caused by natural disasters, and the global energy crisis in 2022 continued to trouble the electric utility industry in recent years. Average U.S. electricity prices per state can also vary widely, with Hawaii residents experiencing some of the highest rates in the country.

The average retail price of electricity for households has risen steadily in the United States, reaching a peak of around 15.98 cents per kilowatt-hour in 2023. In the U.S., electricity prices tend to reflect base overnight costs for power plants, their maintenance, fuel costs, and the operation of power grids. How electricity rates differ across states in the U.S. The price of electricity varies widely across states. Hawaii has continuously had one of the highest rates and Washington one of the lowest. In Hawaii, the power sector is largely reliant on petroleum and diesel generators. Crude oil is a comparatively expensive fuel and prices tend to be volatile, driving up overall electricity prices. Meanwhile, electricity prices are low in states which use hydropower as the main source of electricity, as Washington. In the U.S., costs of electricity are greatly shaped by the primary power source used per state. Maintaining the power grid In addition to primary fuel purchases, the costs required to operate and maintain transmission and distribution systems also impact the prices that a household pays. In 2022, power utilities reported a peak in grid operating expenses, with transmission-related costs reaching 15.9 billion U.S. dollars and almost six billion U.S. dollars invested in distribution networks.

Germany Electricity decreased 21.39 EUR/MWh or 18.48% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for Germany Electricity Price.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Electricity in U.S. City Average (CUSR0000SEHF01) from Jan 1952 to Feb 2025 about electricity, urban, consumer, CPI, price index, indexes, price, and USA.

Japan JP: Residential Electricity Price: USD per kWh data was reported at 0.330 USD/kWh in 2022. This records an increase from the previous number of 0.260 USD/kWh for 2021. Japan JP: Residential Electricity Price: USD per kWh data is updated yearly, averaging 0.220 USD/kWh from Dec 1990 (Median) to 2022, with 33 observations. The data reached an all-time high of 0.330 USD/kWh in 2022 and a record low of 0.190 USD/kWh in 2002. Japan JP: Residential Electricity Price: USD per kWh data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.GGI: Environmental: Environmental Policy, Taxes and Transfers: OECD Member: Annual.

Italy Electricity decreased 10.78 EUR/MWh or 7.83% since the beginning of 2025, according to the latest spot benchmarks offered by sellers to buyers priced in megawatt hour (MWh). This dataset includes a chart with historical data for Italy Electricity Price.

According to Cognitive Market Research, the global Electric Heaters market size will be USD 8614.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 3445.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2584.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1981.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 430.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 172.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.
The Non-storage electric water heaters category is the fastest growing segment of the Electric Heaters industry

Market Dynamics of Electric Heaters Market

Key Drivers for Electric Heaters Market

Rising energy costs and environmental concerns to Boost Market Growth

Rising energy costs and increasing environmental concerns are key drivers fueling market growth in various industries. As energy prices continue to rise, companies are looking for more efficient, cost-effective solutions to reduce their energy consumption and operational expenses. This push towards energy efficiency is driving demand for renewable energy technologies, energy-saving products, and sustainable practices. Moreover, heightened environmental awareness among consumers and businesses is leading to greater adoption of green technologies, such as electric vehicles, solar panels, and energy-efficient appliances. The growing emphasis on reducing carbon footprints and minimizing environmental impact is prompting companies to invest in sustainable technologies, thereby boosting market growth across multiple sectors, from manufacturing to construction. These trends are not only shaping the future of energy consumption but also fostering innovation in sustainable products and services

Increasing demand for energy-efficient heating solutions

The increasing demand for energy-efficient heating solutions is driven by several key factors, including rising energy costs, growing environmental concerns, and stringent government regulations. Consumers are increasingly seeking heating systems that offer lower operating costs and reduced carbon footprints. Additionally, advancements in technology have led to the development of more efficient and innovative heating solutions, further fueling market growth.

Restraint Factor for the Electric Heaters Market

High energy consumption and rising electricity costs

High energy consumption and rising electricity costs are major market restraints. This increases operational costs, reducing profit margins for businesses. Consumers may also reduce spending on non-essential products, impacting market demand. Additionally, increased energy reliance can lead to supply chain disruptions and geopolitical tensions, further hindering market growth.

Impact of Covid-19 on the Electric Heaters Market

COVID-19 significantly impacted the electric heaters market. Initially, lockdowns and supply chain disruptions led to decreased production and sales. However, as people spent more time indoors due to remote work and social distancing, demand for electric heaters surged, particularly in colder regions. This shift towards remote work and increased homebound time is expected to drive the growth of the electric heaters market in the coming years. Introduction of the Electric Heaters Market

The Electric Heaters Market refers to the industry segment focused on the production and sale of devices used to provide thermal comfort by converting electrical energy into heat. This market includes a wide range of products such as space heaters, baseboard heaters, infrared heaters, and towel warmers, among others. Electric heaters are popular for their convenience, efficiency, and ease of installation, making them a preferred choice for both residential and commercial a...

The electricity delivery process has experienced a major shift in recent years, driven by a push to reduce emissions. Governments across Europe are actively moving away from conventional sources of electricity generation, leading to a decline in the continent's dependency on fossil fuels. In 2022, nearly 40% of electricity generated in the EU came from renewable sources, compared with 25% in 2012. The rise of renewables has spurred an influx of renewable generators and necessitated increased investment in electricity networks. This has lifted revenue for transmission and distribution network operators. Revenue is forecast to rise at a compound annual rate of 7.1% over the five years through 2024, reaching €3.2 billion. Falling wholesale prices and a reduction in overall electricity consumption spurred a drop in revenue during the pandemic. Excess demand for natural gas as economies loosened pandemic-related restrictions spurred a strong rebound in wholesale electricity prices in 2021, translating to a jump in revenue. Wholesale prices recorded a renewed spike following Russia’s invasion of Ukraine, spurring a surge in revenue generated by electricity producers and suppliers. Renewable generators were able to rake in extra profits from electricity sold to wholesale markets at inflated prices, counterbalancing a significant rise in costs for fossil fuel generators and electricity suppliers. Revenue is forecast to decline by 8.6% in 2024 as wholesale prices continue to decline from record highs and electricity consumption remains subdued. Revenue is forecast to increase at a compound annual rate of 0.5% over the five years through 2029 to €3.2 billion. The revised Renewable Energy Directive of the EU has set a goal for 69% of electricity to be generated from renewables by 2030. Electricity generators will continue expanding their renewables capacity, while investment in upgrading the electricity network to accommodate the rapid shift to renewables will boost income for transmission and distribution network operators. Rising renewable electricity generation will place downward pressure on wholesale prices, while a long-term decline in electricity consumption in advanced economies will weigh on revenue.

This repository provides the detailed data for the figures in the manuscript, "Cost Increase in the Electricity Supply to Achieve Carbon Neutrality in China".

The article was submitted to Nature Communications for peer review on 22 August 2021 and accepted on 22 April 2022. The details of the main article are as follows.

DOI: 10.1038/s41467-022-30747-0

Online link: https://www.nature.com/articles/s41467-022-30747-0

Citation: Zhuo, Z., Du, E., Zhang, N. et al. Cost increase in the electricity supply to achieve carbon neutrality in China. Nat Commun 13, 3172 (2022).

If you want to use the date provided in the repository, please cite the above article. It will be better if you can also cite this dataset.

This table contains consumer prices for electricity and gas. Weighted average monthly prices are published broken down into transport rate, delivery rates and taxes, both including and excluding VAT. These prices are published on a monthly basis. The prices presented in this table were used to compile the CPI up to May 2023. Prices for newly offered contracts were collected. Contract types that are no longer offered, but have been in previous reporting periods, are imputed. The average can therefore diverge from the prices paid for energy contracts by Dutch households.

Data available from January 2018 up to May 2023.

Status of the figures: The figures are definitive.

Changes as of 17 July 2023: This table will no longer be updated. Due to a change in the underlying data and accompanying method for calculcating average energy prices, a new table was created. See paragraph 3.

Changes as of 13 February: Average delivery rates are not shown in this table from January 2023 up to May 2023. With the introduction of the price cap, the average energy rates (delivery rates) of fixed and variable energy contracts together remained useful for calculating a development for the CPI. However, as a pricelevel, they are less useful. Average energy prices from January 2023 up to May 2023 are published in a customized table. In this publication, only data concerning new variable contracts are taken into account

When will new figures be published? Does not apply.

This dataset provides values for ELECTRICITY PRICE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The residential energy service market is projected to grow at a CAGR of 11.03% from a market size of 674.52 million in 2023 to reach 1,421.14 million by 2033. The growth of the market is attributed to the increasing demand for energy efficiency and optimization, smart home integration, and renewable energy generation. Government initiatives and regulations supporting renewable energy adoption and energy efficiency measures are further driving the market growth. The market is segmented by service type, customer type, and technology platform. The energy efficiency and optimization segment holds the largest share due to the growing awareness of energy conservation and the availability of advanced technologies such as smart thermostats and energy management systems. The single-family homes segment is the largest in terms of customer type, followed by multi-family homes and apartments and condominiums. The cloud-based platforms segment is expected to witness the highest growth during the forecast period due to the increasing adoption of cloud computing and the availability of scalable and cost-effective solutions. North America is the largest regional market, followed by Europe and Asia Pacific. Recent developments include: The Global Residential Energy As A Service Market is projected to reach USD 10.72 billion by 2032, exhibiting a CAGR of 11.03% during the forecast period. Increasing concerns over energy efficiency and rising electricity costs drive market growth. Government initiatives and incentives to promote energy conservation further contribute to market expansion. Recent developments include partnerships between utilities and technology providers to offer comprehensive REaaS solutions. For instance, in 2023, Enel X partnered with Honeywell to provide smart home energy management systems to residential customers. Mergers and acquisitions are also shaping the market landscape, with established players acquiring smaller companies to expand their service offerings.. Key drivers for this market are: Rising demand for energy efficiency Government incentives Increasing adoption of smart home technology Growing awareness of environmental sustainability Expansion into emerging markets.. Potential restraints include: Rising energy costs Declining renewable energy costs Government incentives and regulations Advancements in smart home technology Growing awareness of environmental sustainability..

According to Cognitive Market Research, the global Home Energy Storage market size will be USD 915.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 25.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 366.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 23.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 274.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 210.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 45.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 18.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.9% from 2024 to 2031.
The Lead-acid category is the fastest growing segment of the Home Energy Storage industry

Market Dynamics of Home Energy Storage Market

Key Drivers for Home Energy Storage Market

Increasing Electricity Prices to Boost Market Growth

Increasing electricity prices are a significant driver of the Home Energy Storage Market as they directly impact consumers' energy bills, prompting them to seek more cost-effective solutions. As utility rates rise, homeowners look for ways to reduce their reliance on the grid and manage their energy costs more effectively. Home energy storage systems, particularly when paired with renewable energy sources like solar power, allow consumers to store excess energy generated during the day for use during peak hours or outages, thereby reducing their overall electricity expenses. This desire for savings, coupled with the potential for energy independence, makes energy storage solutions increasingly appealing. Consequently, rising electricity prices motivate more consumers to invest in home energy storage technologies to achieve long-term financial benefits. For instance, in February 2022, FIMER and Vega Solar collaborated to provide 14 PVS-100 inverters, a three-phase string solution, to Albania. The PVS-100/120-TL is a cloud-connected three-phase string inverter by FIMER, specifically designed for affordable decentralized solar systems, suitable for both ground-mounted and rooftop installations.

Growing Demand for Renewable Energy to Drive Market Growth

The growing demand for renewable energy is a key driver of the Home Energy Storage Market as more consumers and governments prioritize sustainable energy sources to combat climate change and reduce carbon emissions. As households increasingly adopt solar and wind energy systems, the need for efficient storage solutions becomes critical to manage and utilize this intermittent energy effectively. Home energy storage systems enable users to store excess energy generated during peak production times for later use, enhancing energy self-sufficiency and reducing reliance on the grid. This synergy between renewable energy generation and storage not only maximizes the benefits of clean energy but also provides financial savings by decreasing utility costs. Consequently, the rising adoption of renewable energy directly fuels the growth of home energy storage solutions.

Restraint Factor for the Home Energy Storage Market

High Initial Costs will Limit Market Growth

High initial costs significantly restrain the Home Energy Storage Market, as the upfront investment for purchasing and installing energy storage systems can be substantial. Many consumers face financial barriers when considering these systems, particularly in regions with lower electricity prices, where the return on investment may not be immediately evident. While energy storage offers long-term savings on electricity bills, the initial financial commitment can deter potential buyers, especially in economically challenging times. Additionally, financing options may not always be accessible or favorable, further complicating decisions for homeowners. This hesitancy to invest in costly technologies limits the market's growth potential, as many consumers opt for cheaper, traditional energy solutions instead...

Brazil Energy: Average Current Prices: Source: Electricity: Residence data was reported at 292.638 USD/BOE in 2023. This records an increase from the previous number of 286.081 USD/BOE for 2022. Brazil Energy: Average Current Prices: Source: Electricity: Residence data is updated yearly, averaging 174.998 USD/BOE from Dec 1973 (Median) to 2023, with 51 observations. The data reached an all-time high of 425.677 USD/BOE in 2011 and a record low of 62.328 USD/BOE in 1985. Brazil Energy: Average Current Prices: Source: Electricity: Residence data remains active status in CEIC and is reported by Ministry of Mining and Energy. The data is categorized under Global Database’s Brazil – Table BR.PE001: Average Current and Constant Price. In order to keep the series, is adopted boe based on higher heating value of the source.

In the fiscal year 2022, the electricity costs for homes amounted to 34 Japanese yen per kilowatt hour. The electricity costs increased multiple times since fiscal year 2016, when the figure stood at 24.31 yen per kilowatt hours.  Competition in the electricity market remains limited The competition in the Japanese electricity market remains limited as it continues to be dominated by ten regional electric utilities. Retailers of low voltage electricity mainly sell their electricity locally to homes or small shops. Tokyo Electric Power Co., Inc., also known as TEPCO, continued to rank as the largest electric power company in Japan in terms of total assets. The electric company is known for the nuclear accident at its Fukushima Daiichi Nuclear Power Plant in 2011.  Causes for rising electricity costs After the nuclear disaster, nuclear energy was replaced by fossil fuels. Since Japan lacks domestic reserves of fossil fuels, it heavily depends on imports. Consequently, the self-sufficiency rate of primary energy decreased shortly after the disaster, causing electricity costs to rise. Additionally, in recent years, a short supply of liquefied natural gas (LNG) reinforced the price increase.

Graph and download economic data for Producer Price Index by Industry: Electrical Contractors, Nonresidential Building Work (PCU23821X23821X) from Dec 2007 to Feb 2025 about contractors, nonresidential, electricity, buildings, PPI, industry, inflation, price index, indexes, price, and USA.

Ice Thermal Storage Systems Market Outlook

The global ice thermal storage systems market size is projected to expand significantly, with a notable CAGR of 7.5% from 2024 to 2032. In 2023, the market size was valued at approximately USD 2.5 billion and is forecasted to reach around USD 4.8 billion by 2032, driven by increasing demand for energy-efficient cooling solutions and the pressing need to manage peak electricity load. Key growth factors include a heightened focus on sustainability, advancements in storage technologies, and rising electricity costs, all contributing to the adoption of ice thermal storage systems across multiple sectors.

One significant factor driving the growth of the ice thermal storage systems market is the increasing emphasis on sustainability and energy efficiency. Governments and organizations worldwide are seeking to reduce their carbon footprint and are actively investing in technologies that offer substantial energy savings. Ice thermal storage systems provide a viable solution by enabling the storage of cooling energy during off-peak hours when electricity is cheaper and then using this stored energy for cooling during peak demand periods. This reduces the strain on the electrical grid and leads to significant cost savings.

Technological advancements are another major growth driver for the ice thermal storage systems market. Innovations in thermal storage materials, more efficient and compact designs, and improved integration with existing HVAC (heating, ventilation, and air conditioning) systems have made these storage systems more effective and affordable. Additionally, smart grid technologies and IoT (Internet of Things) integration allow for better monitoring and control of ice thermal storage systems, improving their efficiency and reliability.

Thermal Energy Storage plays a pivotal role in enhancing the efficiency and reliability of ice thermal storage systems. By storing excess energy generated during off-peak hours, thermal energy storage systems can provide a steady supply of cooling energy during peak demand periods. This not only helps in reducing electricity costs but also minimizes the environmental impact by optimizing energy use. The integration of thermal energy storage with ice thermal storage systems is becoming increasingly popular as it allows for greater flexibility and control over energy consumption patterns. As more industries and sectors seek to improve their energy efficiency, the demand for advanced thermal energy storage solutions is expected to rise, further driving the growth of the ice thermal storage systems market.

Moreover, rising electricity costs are compelling businesses and residential consumers to adopt ice thermal storage systems. With electricity prices constantly fluctuating and often peaking during high demand periods, ice thermal storage systems offer a cost-effective solution to manage energy consumption. By shifting energy use to off-peak times, consumers can take advantage of lower electricity rates, leading to substantial cost savings over time. The economic benefit, combined with the environmental advantages, makes ice thermal storage systems an attractive option for a wide range of applications.

Regionally, North America and Europe are currently leading the market due to stringent energy efficiency regulations and a high level of awareness and adoption of sustainable technologies. Meanwhile, the Asia Pacific region is expected to witness the fastest growth, driven by rapid industrialization, urbanization, and increasing energy demand. Countries like China, India, and Japan are investing heavily in energy-efficient technologies to support their growing economies and address environmental concerns. The Middle East & Africa and Latin America markets are also showing potential as they seek to modernize their energy infrastructures.

The evolution of Thermal Energy Storage Technology has significantly influenced the development of ice thermal storage systems. These technologies have enabled the creation of more efficient and compact storage solutions that can be seamlessly integrated into existing infrastructure. Innovations in materials and design have led to systems that not only store energy more effectively but also release it in a controlled manner, enhancing overall system performance. As the technology continues to advance, it is expected to open up new poss

Graph and download economic data for Consumer Price Index for All Urban Consumers: Household Energy in U.S. City Average (CUSR0000SAH21) from Jan 1967 to Feb 2025 about energy, urban, households, consumer, CPI, inflation, price index, indexes, price, and USA.