Natural gas driving $21 billion risk for Florida’s families and businesses by 2034

A new report by EQ Research finds fuel costs for electricity generation make up 17-30% of residential customers’ electricity bills and rising natural gas costs poses an affordability threat for Floridians.

Recent Florida polling shows that 82% of consumers are frustrated by high energy costs. Solar is the lowest-cost electricity source available; 20-28% less expensive than natural gas (without subsidies). Florida-grown, renewable energy protects consumers from price spikes.

“Affordability is a top concern for Floridians. Few families and businesses can absorb these kinds of price spikes. Home grown renewable energy provides a more cost-effective way to meet Florida’s energy demands” said Dawn Shirreffs, Florida Director of the Environmental Defense Fund. “We applaud Florida’s investor-owned utilities for making historic investments in solar power generation which will reduce Florida’s dependence on natural gas and lower consumer risk.

Findings reveal higher energy bills for Florida consumers are directly tied to Florida’s over-reliance on natural gas. Natural gas’ volatile price history, with the most recent spike from September 2021-January 2023. These spikes have a direct effect on consumers, who pay 100% of fuel costs.

“Florida’s dependence on costly natural gas is currently at 75% and predicted to remain high” said David Cranston, Florida Energy Policy Manager at the Environmental Defense Fund. “This research demonstrates that diversifying energy sources is a critical hedge to protect against volatile fuel costs that hit residents and small businesses the hardest. The Sunshine State must continue to aggressively build solar to stabilize Floridians’ electric bills and reduce costs”.

Florida’s residential electric bills are already among the highest in the country. If Florida leans heavily on natural gas, families will continue to face mounting electricity costs and unpredictable bills. Greater investment in clean and more cost-effective renewable energy sources is essential to protecting Floridians from future price shocks.