Electric bills on pace for first drop in 14 years

American electric bills are closing in on their first decline in 14 years.

During the first half of 2016, residential customers paid 12.4 cents per kilowatt-hour, a 0.7 percent dip compared with the same time period in 2015.

If prices stay on course, it would be the first yearly drop since 2002.

According to Fox Business, the decrease so far is due to the falling cost of natural gas.

Read more from Fox Business.