Electric utilities across the U.S. are seeking to increase customer power bills in 2024, building on a record $10 billion in approved rate hikes in 2023. The drivers include rising infrastructure costs to fortify the grid against extreme weather and growing energy demands from industry electrification. Regulators have already approved 58% of rate requests, with 2024’s total projected to exceed $12 billion.

As electricity rates climb, homeowners can take control of their energy costs with solar power. For more details, read the full Reuters article here.