$2.3 billion

Amount New York State residents and businesses are overpaying for electricity every year, according to Senator Charles Schumer. This 10 percent overcharge, says Schumer, results from the industry setting rates in a secretive auction process: "New York's energy auction system needs to come out of the shadows before New Yorkers have to needlessly shell out another nickel to power generators who could be gaming the system to reap profits at consumers' expense," Schumer said in an Associated Press story. A representative of the Independent Power Producers of New York trade group said rates in New York are lower than a decade ago.

Essential information: You might be able save on your utility bills by using smart meters and watt meters.