Several things are coming together that will drive electrical power prices through the roof over the next few years.
The first are mega data centers. There are several companies - most notably Microsoft and Palantir - that are putting up massive data centers that will take up to 1 gigawatt per center. That's the output of a large nuclear reactor. Palantir especially will be growing fast, since the US government uses them to do most of their AI, and Trump has recently signed an executive order to share data between government agencies on US citizens. This will require a LOT of processing to do the sort of collation and profiling that the administration wants to do. Palantir got half a billion from the US government in the last quarter alone, and is on track to get over five billion in the next three years. Much of that will go into new mega data centers.
As these data centers open, utilities will be very happy to sell them power. They are exactly the load they want to supply - a load that never changes significantly, and that they can charge 24/7 for. Compare that to domestic users, who have a habit of not using much power at night or in the middle of the day, then using things like air conditioning or heating unpredictably. This is much harder to plan for - and utilities will charge accordingly.
The second is cancellation of renewables projects. The Trump administration has cancelled approximately 100GW worth of solar and wind projects that were planned for the next five years. This equates to about 30GW of equivalent baseload generation due to intermittent availability of wind and solar. To "compensate" they are ordering about 5GW of coal power plants to not shut down. Thus there will be a significant increase in demand, and a significant decrease in new generation. The laws of supply and demand will thus send power prices much higher.
In addition, those coal plants cost a lot more to operate than renewables. One 1.4GW plant, the J.H. Campbell Plant, was ordered to remain open for at least another six months, resulting in an additional $100 million in costs to Michigan ratepayers. Some unsubsidized costs per megawatt-hour:
Coal $69-168
Wind $27-73
Solar $29-92
Solar plus storage $60-210
https://www.lazard.com/media/xemfey0k/lazards-lcoeplus-june-2024-_vf.pdf
https://www.canarymedia.com/articles/fossil-fuels/trump-extend-campbell-michigan-coal-plant
So higher generation prices = higher power prices.
In the olden timey days, PUC's (public utility commissions) would limit how much power companies can charge residential customers. But these have become so corrupt and beholden to the utilities, and have become so easy to game for larger companies (think Enron) that they have no effective power any more.
So get ready to pay a lot more for power as AI starts competing with you for that power. I would recommend solar as an alternative, but with the Trump tariffs it's not very cost effective at the moment if you don't already have it.