Americas are spending the least of their paychecks on electricity in at least 58 years as gains in energy efficiency leave more for food, vacations and gadgets.
Consumer spending on electricity fell to 1.3 percent of personal consumption in 2017, the lowest in records dating to 1959, according to a report Thursday from Bloomberg New Energy Finance and the Business Council for Sustainable Energy. That’s down from a peak of 2.3 percent in 1982.
The savings come amid a modest increase in retail power prices last year and higher spending on gasoline and other motor fuels. Spending on natural gas rose slightly last year to 0.4 percent of personal consumption, down from 1.3 percent in 1983.
The entire U.S. economy is becoming more energy efficient as a long-term shift away from manufacturing means the same amount of energy is now delivering more to GDP.