Your Electricity Costs Are Rising Soon!
Mike "Tech Overlord" Collette
If you're considering whether going solar is a worthwhile financial move for your home, there are essentially two factors that you should look at:
- The costs associated with Solar Power.
- The utility rates you pay for electricity from the grid.
Going solar makes economic sense when solar electricity costs less than grid electricity!
Utility Rates Continue To Soar Every Year
Retail residential electricity rates (the amount you pay per kilowatt-hour, or ¢/kWh) have risen across the nation about 15% over the last 10 years.
Electricity is a volatile market with many factors affecting the rate. The general consensus is that, like many recent years, electricity rates are getting higher for end users in 2022. Here's why.
Electricity prices generally reflect the cost to build, finance, maintain, and operate power plants and the electricity grid (the complex system of power transmission and distribution lines). Some for-profit utilities also include a financial return for owners and shareholders in their electricity prices.
The electricity transmission and distribution systems that deliver electricity have maintenance costs, which include repairing damage to the systems from accidents or extreme weather conditions.
Electricity demand is just as high as ever. The global demand rose 4% last year and is expected to grow by 5.2% in 2022.
As of January 2021, the average price per kilowatt hour in Massachusetts, Rhode Island, and Connecticut was about 23 cents. This is mind-boggling! The annual increase in utility rates are across the board!
This trend is unlikely to be disrupted in the future: natural gas prices are only likely to increase, and as they do electricity rates will rise.
Are you financially prepared to pay more and more for your electricity as time goes on? A lot of homeowners are getting sick and tired of lining the pockets of those evil utility companies!
Going Solar Can Protect You From Rising Costs!
As for solar, it is clear that costs are coming down. Rooftop solar panels are now more affordable and accessible than ever. This is why more and more households are having solar energy systems installed: going solar is a great way to reduce or completely eliminate your power bills.
If you purchase a solar energy system for your home, all of the solar electricity that your system produces will be "free" once the system has paid itself off (which will take approximately 5-10 years, depending on where you live). If you purchase your system with a solar loan, you could start saving money from the very first day that your system produces power!
If you have net metering, your utility company will give you a credit for electricity that you send into the grid. This means that on some months you might even have a negative electricity usage on your bill. Your utility provider will CREDIT YOU!
A lot of people in the United States regularly have electricity bills that are hundreds of dollars a month. If you’re one of those people, adding solar panels to your house and seeing your net electricity usage drop to zero (or even negative) on your utility bill is a pretty amazing thing!
Adding Solar Panels to your home is the best way to protect yourself from soaring utility rates.
Get a Free Estimate Today!
Reach out to Solar Wolf Energy to set up your no cost analysis with a professional solar consultant today. Get started below or call us at 888-878-4396.
Kick your electricity provider to the curb and make them CREDIT YOU instead!