Combat Electricity Price Increases with Solar PowerNovember 25, 2022
Due to inflation and a number of other factors in the modern world, it seems that everything just costs more these days. This economic shift has been very difficult for many families who are simply trying to enjoy the simple luxuries of life such as a well-maintained home and food on the table.
Alongside necessities such as food and shelter, the price of electricity has already been raised and is projected to keep increasing. If you are tired of seeing your neighborhood’s electricity costs increase with every bill, consider investing in solar energy to not only reduce your home’s energy costs, but also lower the electricity rates in your area.
How Does Solar Energy Lower Neighborhood Electricity Rates?
In one of our previous blogs we touched on the fact that installing a solar system in your home can actually decrease electricity rates for your entire neighborhood. If you’re wondering how this works, keep reading.
Although a common argument against solar energy is that it would somehow increase neighboring home maintenance costs, the opposite is actually true. In fact, a research group at Michigan Technology University found that those who invested in solar energy were actually subsidizing their neighbors electric rates. This works essentially due to the fact that when one customer significantly lowers their need for electricity, the strain on the whole system is lessened and therefore results in less need for grid upgrades, frequent maintenance, environmental impacts, etc.
This reduction in demand means less work for the electric company and therefore less costs for you and your neighbors. This phenomena will ultimately become even more useful as the economy continues to shift and inevitable price increases start to set in.
How Does Solar Energy Lower My Home’s Energy Costs?
Now to discuss one of the best benefits of solar energy, the reduction in your home’s overall energy costs. When people first see the price tag that comes with the purchase and installation of an entire solar system, they are quick to question how it could possibly be saving them money. The fact of the matter, however, is that solar energy is an investment. Simply meaning that the money you spend on initial costs will eventually be returned to you along with even more money in savings as time passes. In fact, many solar investors see their return and begin their profit margin in as little as 5 years when using SunPower by BlueSel panels.
Solar power works through photovoltaic technology which is the process of “converting light into electricity using semiconducting materials that exhibit the photovoltaic effect.” With Maxeon Technology® and SunPower engineering BlueSel’s panels deliver 60% more energy than conventional panels. Efficient panels and an adequate system are able to produce enough energy for the average home to save between $10,000 and $30,000 in electric costs over the system’s lifetime.
Although solar is able to save homeowners thousands of dollars, obviously upfront costs are still significant and can be difficult to produce. Recent studies show a reduction in average household income for homeowners investing in solar. There is a boom in middle income households lately. Massachusetts uniquely makes solar more affordable for middle income and all homeowners
thanks to the SMART program. Essentially paying you a predictable amount for every
kWh of solar energy you produce on top of offsetting your purchases from the utility.
For this reason, BlueSel offers both loan and lease options for those that require other options. Visit our website today and receive an instant and personalized estimate using satellite technology.