Well it’s inflation in everything. I also think they are flatly lying about the rates, it’s no 5% say double or triple that.
Here is a true story to back that up.
Wife and I were talking about our big 70 gallon hot water heater, it’s 8 years old.
I found the receipt from 2016 and it was about 800 dollars, installed. Then I looked up the cost of the same water heater in 2020 and it was 1100 not installed.
Now the good part….
Today a 70 gallon electric water heater is about 2500 uninstalled!!!
So under Trump it raised 300 in 4 years or about 75 dollars a year. Under Biden it’s raised 1500 in 3 years or 500 dollars a year!!!
The same $8K AC/furnace I recently bought was under $4K in 2020