Washington state has the second-lowest average cost of energy among the 50 states and the District of Columbia, according to a new report by WalletHub. That includes the cost of electricity, natural gas, gasoline and home heating oil. Only D.C. is lower.

Energy costs might not be quite as worrying as they were during the 1970s, but markets that can provide low-cost energy still have an advantage when it comes to commercial property development and management.

As the nation's leading producer from hydroelectric sources, electricity costs are particularly low in Washington state. The state barely uses any relatively expensive home heating oil, which also helps keep overall energy costs low.

Other cheap-energy states include Iowa, Illinois, Oregon and Colorado. At the other end of the ranking, Connecticut has the nation's most expensive energy, followed by Alaska, Rhode Island and Massachusetts.