Your electricity bill might have become so high lately that you have been considering turning to Idaho title loans. Although the Gem State typically has low energy rates, the recent increases have made paying the bills significantly more challenging.
In this guide from Idaho Title Loans, Inc., we will explain everything you need to know about why the electricity bill costs are rising and how to manage these expenses effectively.
Explaining Idaho’s Electricity Bill Costs
Idaho has one of the lowest average residential electricity prices in the nation. This is partly because a large portion of the electricity is generated from hydroelectric power, which is relatively inexpensive.
While the average American pays about 16 cents per kWh, Idaho's rates are below 12 cents. Like the rest of the country, Idaho has seen utility bill increases this year due to climate issues like extreme heat and wildfires, and policies such as higher gas prices and tariffs.
Major utility companies across the nation have already increased their rates, and it appears customers will face even more hikes in the future. When power bills go up, they tend to stay high. Soon, average Americans will be paying nearly $800 each month for electricity, which will pose an ongoing challenge for many families.
Why Are Idaho Electricity Bills Increasing?
As we have already mentioned, Idaho has some of the lowest electricity rates in the country, and this fact attracted huge investments from large companies. Meta, for example, has invested $800 million in a data center, and Micron plans to create a $15 billion semiconductor plant in Boise.
The projects will almost certainly rely heavily on the power grid, and the worst part is that the added expenses could be passed on to regular customers. Although House lawmakers are attempting to pass a bill that would require large corporations to cover the full cost of electricity, it’s unclear how exactly this law will be enforced.
Another concern is Idaho Power's plan to cut solar pay to under one cent per kWh, the rate rooftop solar customers receive for excess energy. Despite protests, this is part of the 2023-approved “Net Billing” program. Soon, solar customers might struggle to estimate their returns, hindering solar adoption and causing higher bills for current users.
Idaho Hidden Energy Fees: Everything You Need To Know
Though you would be required to pay more for power bills each year (if not each month), the one thing that you can do is make sure that you’re not paying anything extra. According to National Utilities Refund, over 80% of the utility bills provided by their clients contained errors. By knowing exactly what Idaho's hidden energy fees are, you’ll be able to save your hard-earned money.
Here are some examples of Idaho hidden energy fees:
- Demand charges are based on the highest level of electricity you demand at one time. By not turning on too many appliances at once, you can save a significant amount.
- Delivery and transmission fees cover the cost of transporting electricity to your house. Make sure that the distance and usage volume have been calculated correctly.
- Utility providers can also add extra fees for administrative or environmental costs. Some might be incorrectly applied, so don’t be shy to contact the company and find out what these fees are all about.
How To Afford Rising Electricity Bills
Whether because of the new energy projects or hidden fees, energy bills continue to increase in Idaho. Rather than accepting these new charges, there are things you can do to counteract the increasing costs. Changing your electricity use can lower your bills to make them more manageable.
As the power bills will continue to climb, you might want to start implementing these tips:
- Manage your thermostat efficiently: The smaller the difference between the indoor and outdoor temperatures, the lower your cooling and heating bill will be. Setting your heater to 68 degrees and your AC to 78 is typically a good compromise.
- Implement energy-saving home upgrades: Not all improvements will cost thousands of dollars. By simply creating a tighter building envelope with air sealing and insulation, you can reduce energy use by about 10%. Installing low-flow plumbing fixtures can also cut your water bill by up to 30%, and more.
- Take advantage of the Time of Use Plan: If you’re an Idaho Power customer, you can pay different prices for electricity depending on the time of the day it’s used. This plan might be an excellent option for those who use more than 800 kWh per month.
While these tips can help you afford increasing electrical costs, they may not help with a one-month surge in cost. If your Idaho electricity bills cost too much for you to afford one month, Idaho Title Loans, Inc. can help with our title loans for emergency costs.
Getting Title Loans For Expensive Idaho Electricity Bills
Whether you had to dip into your savings to cover high utility bills or completely overhauled your monthly budget, it’s likely you won’t have much free cash left. If a sudden emergency bill arises at this moment, you might want to consider a title loan from Idaho Title Loans, Inc.
Title loans allow you to borrow up to $15,000 from the value of your vehicle, as long as you own your vehicle outright. You must have fully paid off your vehicle and have a lien-free vehicle title. Only cars, trucks, and vans are accepted; you cannot get approved with motorcycles, boats, trailers, etc.
Here are the required items you need for title loans in Idaho:
- A state-issued photo ID that displays your full name and age
- A lien-free vehicle title in your name
- Your vehicle for a quick inspection
How To Get Approved For Title Loans In Idaho
The approval process for title loans in Idaho is simple; you can get approved as quickly as the same day. As long as you own your car outright, you can get approved today for auto title loans. You should ensure that you need the loan and only borrow it in an emergency situation.
Here are the steps involved in the title loan process:
- Submit your basic personal and vehicle information through our online form
- Speak to a loan specialist about the title loan process over the phone
- Visit the nearest Idaho loan store location with your required items for verification
- Have your vehicle’s value assessed to determine your title loan amount
- If approved, sign the title loan documents to complete the process
- Receive your title loan cash later that day or by the next business day
If you need emergency cash today for overdue or expensive bills, Idaho Title Loans, Inc. can help with our easy-approval title loans. Apply online today and get approved in person within 30 minutes.
Afford Expensive Idaho Electricity Bills – Borrow Title Loans Today!
Idaho title loans can help cover your unexpectedly high electricity bill, travel expenses, medical bills, and more. We are dedicated to providing you with a quick financial boost without the hassle of traditional bank loans. Don’t worry about emergency bills — we’ve got you covered!
Ready to get the emergency financing you need? Complete the inquiry form right now to let us know that you’re interested, and we’ll soon contact you. After a short phone call, you can get approved at one of our Idaho stores in less than 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
