If you’re like me, there are aspects of your life that become sort of a daily routine. I get ready for work, get in my car and drive to the coffee shop on the way to the office. At lunchtime, I drive to the nearest fast-food location and get lunch. Once I finally end the day at home, I stream an episode or two of my favorite show before bed.
As we all look for ways to save money in this age of increasing inflation, I began thinking about my daily routine and how much value it provided me compared to the money I spent. A morning coffee was costing me about $5, a fast-food combo with a burger, fries and a drink was setting me back $10, and my Netflix subscription is about
$16 each month. All these daily expenses totaled around $85 a week, or about $340 monthly. And what was the real value — short-term satisfaction and a larger waistline? Even as I started going home for lunch, my coffee was still costing me about $120 a month. This got me thinking — is this the best value for my money?
The average daily cost of electricity is about $4.31, and the average monthly residential electric bill for members of Nodak Electric Cooperative last month was $131. You could power your entire home every day for the price of a medium coffee. I could brew my own coffee, cook my own meals, binge watch a series and run on a treadmill for less than the cost of that drink. Now to me, that’s real value.
Electricity provides benefits that we often take for granted. It goes well beyond short-term satisfaction by allowing us to charge devices and have cold food and hot water, all in a comfortable indoor climate. Besides the privilege it affords, electricity cost has also remained stable even amidst rising inflation. As a member-owned cooperative, Nodak Electric does everything in our power to ensure your costs stay reasonable and that electricity remains a great value for our members. It’s not always easy, as there are several factors beyond inflation that impact the price of electricity — some within our control but most beyond it.
The cost of our wholesale electricity can change from year to year due to supply and demand, infrastructure investment, maintenance and operational expenses. Weather patterns also contribute, affecting both demand and generation capabilities, with extreme conditions leading to heightened energy use or disruptions. Government policies, such as subsidies for renewable energy and regulations on emissions, shape wholesale power costs as well. Your electric co-op considers all these aspects, and because we’re a cooperative, we consider the impact of those costs on our members as well. We’ve been fortunate that we’ve been able to keep most rates steady since 2017. Supply chain issues and inflationary pressures, however, can make it challenging to stay that course.
As our region continues to rely on electricity for nearly everything in our homes, schools, hospitals and businesses, we need it to be reliable and affordable. You can be assured, Nodak Electric Cooperative always puts you top of mind and works each day to ensure electricity remains the best value for your money.
