Power company rate increases are leading the way for solar energy to take hold. Some power companies in 2024 are charging up to 80% more than in 2018. Interestingly enough home solar costs much less now, than in 2018. There are more than power company price hikes driving the solar industry in 2024. Let’s explore the reasons so many homeowners are going solar in 2024.
Home solar energy is ten times easier to budget than the power company. Solar is a fixed cost per kilowatt at the time of purchase, which is easier to budget on a monthly and annual basis versus the power company. Once you purchase home solar the energy it produces comes at a fixed cost and can’t go up.
Price Stability: When you install solar panels, you essentially lock in the price of electricity. Unlike utility rates, which fluctuate unpredictably, solar allows you to hedge against future rate hikes.
Distributed Generation: Solar panels generate electricity at the point of consumption (your home or business). This decentralized approach reduces the strain on the centralized grid. When many buildings produce their power onsite it lightens the load on transmission lines and substations.
You might have observed power outages have become less frequent, and it’s because of solar energy production. Transmitting electricity over long distances results in energy losses. By generating power locally, solar panels minimize these losses. Less energy wasted means a more efficient grid.
Solar power is clean and renewable energy. By going solar, you contribute to reducing greenhouse gas emissions and combat climate change. The sun’s energy is the cheapest power source because it’s a FREE unlimited resource!
The power companies have no issues with solar energy, their only problem is controlling it. The power companies’ problem is with the homeowners having home solar because they can’t profit from it.
Throughout the country, there is mass energy production from solar farms that the power companies own. There is no problem with the power companies producing solar energy as long as they are reaping the financial benefits. Power companies often invest in large-scale solar projects. These utility-owned solar farms contribute to their energy portfolio and revenue.
However, when homeowners install rooftop solar panels, the power companies lose potential customers and revenue. That explains the power companies’ relentless attack on net metering, and don’t expect them to stop.
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