Elon Musk Says U.S. Needs More Power – But Rising Electric Bills Are Already Shocking Buyers

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As Tesla Inc CEO Elon Musk predicts U.S. electricity demand will triple by 2045, American homeowners already struggle with soaring power bills that increasingly influence real estate decisions.

According to a report issued by Realtor.com, the average monthly electric bill is now $137 nationwide, with regional variations complicating energy costs across the country.

“Utility bills are like the secret sauce no one talks about – they can make or break the deal,” Ron Myers, president of Ron Buys Florida Homes, said to Realtor.com. “A home with high energy bills can scare buyers away faster than a bad inspection.”

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Hawaii leads the nation with average monthly bills of $213, followed by Connecticut at $203 and Florida at $168. Meanwhile, Utah residents have the lowest average bills at $85, with New Mexico and Idaho rounding out the most affordable states at $91 and $107, respectively.

Musk’s aggressive forecast far outpaces utility industry projections. According to a report by the Wall Street Journal, PG&E anticipates a 70% demand increase over 20 years, while McKinsey expects demand to double by 2050. The gap between these estimates and current infrastructure investment raises concerns, as private power-sector construction declined last year despite manufacturing investment growth.

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The impact already resonates at the household level. In Titusville, Florida, novelist Michael Allen told Realtor.com that his monthly bills are approaching $200 for his 1,200-square-foot home. “The sad part is, I don’t ever see the electric bill coming back down. The price of living is getting too high and the electric company wants every dime they can get out of us,” he said.

Solar adoption offers one potential solution, though installation costs ranging from $13,620 to $26,686 create barriers, according to Realtor.com. “Owned solar panels on a home are a huge selling point, especially on a resale when the seller has already gone through the hassle of having them installed and paid for them,” Cara Ameer, a Coldwell Banker agent in Los Angeles, was quoted in the report.

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