Electricity Prices Outpace Inflation: Is It Time to Consider Solar Panels?
Electricity rates are rising fast! Over the past 12 months, PG&E electricity prices rose over 20%, outpacing the annual inflation rate of 3.2%. The United States Energy Information Administration (EIA) doesn’t expect rates to fall anytime soon. In the March 2024 edition of its Short Term Energy Outlook, the EIA forecasted residential electricity prices to hit their highest point in almost 30 years.
California electric bills are rising alongside the rest of the country and it’s time you took control of your bills. With excellent incentives like the 30% solar tax credit available now, there’s never been a better time to install solar panels for your Sonoma County home.
Solar Panels Hedge Against Inflation
Solar panels don’t just save you money on your electricity bills in the short term. They also shield you from inflation by providing a fixed source of energy at a locked-in cost.
When you install solar panels, you are essentially prepaying for the next 25-30+ years of electricity. Your investment gives you access to a free and reliable source of energy—sunlight—that isn’t affected by market forces or inflation. As soon as you break even on your investment, the electricity you generate is free. So, while everyone else deals with rising costs, you’ve already paid for your power and don’t have to worry about rate increases.
Solar Loans Guarantee Predictable Electricity Costs
You’ll save the most with solar when you pay for your system in cash. But, if you don’t want to pay upfront, financing is a great alternative with long-term financial benefits. When you finance your solar panel installation, you can go solar for $0 down with a fixed monthly payment, ensuring your energy costs remain stable, unlike utility prices that fluctuate with inflation.
Battery Storage Makes Solar an Even Better Investment
Solar panels are a good investment on their own, but with battery storage, the benefits are tenfold. A solar battery stores the excess electricity your solar panels generate so you can use it when your solar panels are not producing electricity, like in the late afternoon and evening. In PG&E territory, rates go up around the same time—PG&E utilizes a time-of-use rate structure in which electricity costs more during on-peak hours, from 4-9 pm every day. You can avoid buying electricity from the grid during on-peak hours by tapping into your stored solar energy in the evenings, saving you money.
In addition to lowering electricity bills, solar batteries like the Tesla Powerwall 3 also protect you against power outages. Your battery doubles as a backup power source that can keep your essential devices and appliances running during a grid outage. With extreme weather becoming the norm and increased electricity putting more stress on the grid, having a reliable backup power source is essential in California.
The Best Choice for Solar Panel & Battery Installation in Santa Rosa
Taylor Energy is the local solar company Santa Rosa, CA homeowners have trusted for over 15 years. We understand your frustration with PG&E and can help you make a long-term investment that will lower your electric bills and save you money for decades. We are extremely detail oriented and our solar systems are designed to cover 100% of your electricity usage. Schedule a free, no-pressure consultation today to learn more. We will answer your questions and help you decide whether solar panels are worth the investment for your home.
Shield yourself against electricity price hikes! Call (707) 518-9625 or contact us for a free consultation and estimate.
Residential Solar
Get a free estimate for residential solar panel installation in Santa Rosa, Petaluma, Sebastopol, and surrounding areas. We are a Tesla Powerwall Certified Installer!
Rebates & Incentives
Save on your solar panel and solar battery installation with California solar incentives. Schedule a free solar consultation with Taylor Energy to learn more about the incentives you’re eligible for.
Commercial Solar
Cut operating costs and increase profit margins with commercial solar panels. Schedule your free commercial solar consultation with Taylor Energy today. We can help you find a solar solution that works for your business.
