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How Solar Panels Stabilize Energy Costs & Save You Money Long Term
- April 16, 2024
United States electricity prices have gone up 3.6% over the past 12 months, according to the Bureau of Labor Statistics, outpacing the annual inflation rate of 3.2 percent. This is due, in part, to volatile fuel prices, which have skyrocketed electricity generation costs, leading to higher rates for utility customers.
This news doesn’t come as a surprise to any of us in Colorado, where we’ve been battling electricity price hikes for years. If you’re tired of increases and want your bills to go down—and stay down—residential solar panels are the answer.
Solar Panels Protect Against Rising Rates
Solar panels don’t just reduce your electric bills. They also shield you against rising rates.
Utility companies generate most of the electricity they sell by burning fossil fuels, which means electricity costs are heavily influenced by fuel costs. When the market shifts and fuel costs spike, utilities increase their rates, too.
When you generate your own electricity with solar panels, you won’t be subjected to cost increases because solar panels generate electricity from sunlight. Sunlight is not affected by market conditions or geopolitical strife the way other types of fuel are—it is always readily available and free to use.
Solar Locks in Your Electricity Costs for 25+ Years
When you install solar panels, you are essentially locking in your electricity costs for the entire 25-30+ year lifespan of your system.
Let’s say you finance your solar panel installation with a solar loan. You’ll have a low monthly payment that should be less than what you currently pay for electricity and remain consistent for the duration of your loan term. Meanwhile, your electricity bill will be significantly reduced, and it may go away entirely. Now, you’ll be paying a consistent monthly payment toward your solar power system, instead of an electric bill that could go up without warning at any time. Plus, the money you’re spending is going toward a solar power system that you own instead of lining your utility company’s pocket!
Once you pay off your loan and break even on your solar panel installation, you’ll be making money. That’s why the return on investment for solar panels is so high.
Solar Battery Storage Increases Savings
A solar battery storage system, like the Tesla Powerwall, can be added to any solar panel system to maximize its benefits. With a battery, you can store the excess electricity your solar panels generate during the day and use it to power your home at night or when it’s cloudy. You’ll be able to use more of the solar energy you produce and buy less electricity from the grid, further reducing your electricity bills. You can also use your battery to avoid on-peak rates by strategically deploying stored solar energy during peak demand times.
Maximize Your Savings with Solar Power Pros
Solar Power Pros is the leading solar panel installer in Denver, Colorado, and across the Front Range. We are a highly experienced, local Colorado solar installer that’s committed to putting homeowners in control of their electric bills. We can help you maximize the financial benefits of solar energy with a custom solar panel and battery systems tailored to your specific needs. We offer free virtual consultations and no-pressure estimates so you can take the first step toward going solar with zero risk.
