Cost of Energy
The average price of electricity fell 6% in 2024, although commercial and industrial rates rose slightly.
Favorable movement since the last available data
Benchmark: The cost of electricity in Maine will be the lowest in New England by 2030.
Overview
The average retail price of electricity paid by customers across all sectors (residential, industrial, and commercial) fell 6% in 2024, from 20.84 to 19.62 cents per kilowatt hour, coming down from an unusually high year in 2023. Nationwide, prices increased 2%. Maine’s electricity rates are the second lowest in New England, and 15% below the regional average, but they exceed the national average by 51%.
Residential energy prices, paid by Maine homeowners and many small businesses, fell 13% in 2024. Industrial rates paid by large production facilities (for manufacturing, agricultural, and construction, etc.) rose 3%. Commercial rates paid by hospitals, large retailers, office and residential facilities, also rose 3%. Electricity is a significant cost for many businesses, especially those in energy-intensive industries such as manufacturing. The energy intensity of Maine’s economy is about average for the U.S. (ranking 28th of the 50 states in 2022) but the highest in New England.
Note: This metric has been updated to reflect the average electricity price across all sectors (residential, industrial, and commercial) and reports the movement within each sector in the narrative. Previous editions of Measures of Growth focused exclusively on industrial prices. This new, broader measure reflects the importance of energy costs for all businesses and households.
Fig. A
On mobile? Viewing this data is easier at a computer.
Average Retail Electricity Price (All Sectors)
Source: U.S. Energy Information Administration