Louisiana is one of the cheapest places in the country when it comes to energy costs, says a new report by WalletHub.
Overall, Louisiana ranked 48th out of 51.
To better understand the impact of energy on finances, WalletHub compared the total monthly energy bills in each of the 50 states and the District of Columbia. Their analysis used a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.
Zeroing in on metrics used by the financial advice website, Louisiana was second lowest in motor-fuel price.
Its overall energy cost was $271. Breaking that down, the monthly electric cost is $138 (ranking No. 14), natural gas cost totals $18 (ranking No. 42), and has a monthly motor fuel cost of $115 (ranking No. 46).
In order to determine the most and least energy-expensive states, WalletHub compared the average monthly energy bills in each of the 50 states and the District of Columbia using the following equation: (Average Monthly Consumption of Electricity * Average Retail Price of Electricity) + (Average Monthly Consumption of Natural Gas * Average Residential Price of Natural Gas) + (Average Monthly Consumption of Home Heating Oil * Average Residential Price of Home Heating Oil) + (Average Motor-Fuel Price * (Miles Traveled/Average Motor-Fuel Consumption/Number of Drivers in the State)) = Average Monthly Energy Bill in the State