This summer's residential electric bills lowest in four years

Average U.S. homeowners can expect to pay a total of $395 June through August for their electric power bills — the cheapest in four years, according to the Energy Information Administration (EIA). This figure is down 2.5 percent from the summer of 2012.

The higher electricity prices are expected to be offset by a drop in electricity use to meet lower cooling demand due to forecasted milder summer temperatures, according to Power Engineering.

Average electricity demand is expected to be down 4.6 percent this summer, while average retail prices are expected to increase 2.2 percent, according to the June Short-Term Energy Outlook, resulting in lower power bills for June-August.

Summer power bills are expected to be lower throughout the U.S. except for the West South Central region and the Rocky Mountain states, where increased electricity prices will outweigh lower power consumption.

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