How Solar Shields You From Rising Utility Costs
Energy Prices Increasing Every Year
Energy price hikes can happen at any time, and virtually without notice. Throughout the past decade, energy prices have risen at an average rate of 3% each year. By switching to solar, you have the opportunity to completely eliminate or significantly reduce your electricity bill, which will save you a great amount of money long-term. Solar technology actually tops the list of government-approved solutions against rising electricity rates.
Here are ways it can protect you from rising electricity costs:
Low Electricity Bills
With solar panels, you’ll reduce your dependency on your local electricity grid—thus, lowering or completely eliminating your energy bills. The more energy you use, the more you’ll save with solar. The average U.S. household spends $1,200 per year on electricity. Let’s assume that electricity rates will continue to rise by 3% each year. Once you switch to solar, you will have the chance to meet 100% of your electricity needs through free sun-generated power. This means you will have an extra $1,200 in your pocket a year from now, and these savings will continue to grow over the 25+ year lifespan of your system.
Coal, oil and natural gas are vulnerable to fluctuating markets. The electricity costs from these sources can inevitably rise as the years go on. Since solar power is a renewable resource, it is consistent and not prone to increases or fluctuation. When you install solar panels, you don’t have to worry about your monthly bills. You are protected from having to deal with the rising electricity rates.
Most people have this misconception that solar technology costs an excessive amount of money—not true. There are a lot of financial options to choose from that require no money down! You can go for a solar loan, a solar lease, or solar power purchase agreement (PPA).
The return on investment is also fast since a solar system reduces your monthly expenses from day one of installation. The government also helps by paying up to 26% of your installation cost through a tax rebate. We can help you determine your savings potential by filling out our Sun Analysis form below.