The U.S. Commerce Department just reported July’s gross domestic product data. It showed that residential electric bills nationally fell to 1.24 percent of total consumption expenditures.
This percentage was as high as 1.40 percent last July, which was one of the first months of the pandemic. Residential electric bills nationally were almost identical in July 2020 and July 2021. But due to the pandemic’s initial impact on the economy, total consumption expenditures in July 2020 were eleven percent lower than in July 2021.