Virginia residential electricity rates

Analyst note

The Virginia residential price sat above the U.S. average in 0 of 10 years; the gap was -1.28 ¢ in 2015 and -2.07 ¢ in 2024. In the 2024 ranking Virginia sits between Oregon (14.70 ¢) one place above and South Carolina (14.23 ¢) one place below; the top of the list is 28.45 ¢ away and the bottom 2.90 ¢. Virginia was 33rd in 2015 with 11.37 ¢ and is 29th now; a rise in the table. Virginia residential prices rose in 6 of 9 years. The largest rise was +11.5% in 2022, and the largest fall -0.6% in 2021. The Virginia price peaked at 14.41 ¢ in 2024 and bottomed at 11.36 ¢ in 2016; 2024 is the peak and +26.8% from the low. Compounded, that is +2.67% a year in Virginia, -0.31 points against the U.S. Virginia buys 3.05% of all U.S. residential electricity with 2.55% of the accounts, so the average Virginia account uses 1.20 times the national average.

A middle price: 14.41 ¢/kWh for Virginia residential accounts, rank 29 of 51, -12.6% against the U.S. Virginia: +26.7% over nine years, or +2.7% a year, trailing the national +30.3% by 3.5 points; 2022 was the biggest single move (+11.5%) and 2024 the high.

Last year's change in Virginia was +1.1% and still rising. Against the commercial price of 8.72 ¢ the gap is 5.69 ¢. Residential sales are 32.8% of Virginia electricity sold, and an average Virginia account used 1,032 kWh a month, an implied bill near $149.

Counting revenue instead of kWh, Virginia residential accounts bring in 44.6% of Virginia sector revenue on 32.9% of the kWh, a premium of 11.7 points that comes from the price level: 14.41 ¢ here against 8.72 ¢ for commercial and 8.99 ¢ for industrial accounts. The average Virginia residential account uses 1,032 kWh a month, 13 of 51 among states on that measure; a commercial account uses 14.25 times as much and a industrial account 293.09 times. Residential accounts are 89.05% of the 4,104,031 accounts in Virginia.