How Solar Can Change Your Utility Bill
It's hardly surprising that your electricity costs are on the rise. According to the Maine Public Utilities Commission, Central Maine Power (CMP) has witnessed a staggering 44.9% rate increase between 2017 and 2022. Despite your efforts to conserve energy by turning off lights and unplugging appliances, your bills keep climbing. You might have even added a heat pump or an EV charging station, leading to a disproportionately high increase in your bill.
So, why do electric costs rise faster than other bills, and is there a way to control them? First, let's delve into the reasons behind these fluctuating electric prices.
Electricity prices aren't solely dictated by the energy companies. Various factors, such as inflation, war, and unforeseen events like the COVID pandemic, can lead to labor shortages and impact supply and demand. Severe weather can damage grid infrastructure, further driving up costs.
This unpredictability puts homeowners and businesses at risk of unexpected high bills, and this problem is expected to worsen over time. So, how can you gain more control over your energy costs?
One solution is net metering. Installing your own solar electric system offers energy independence and stabilizes your monthly electric bill. By generating your electricity, you break away from the utility company's rising rates. The cost of your system is fixed at the installation price, regardless of energy market fluctuations. After the initial system cost, you only pay a modest monthly service fee, significantly reducing reliance on the electricity company.
Individual solar systems generate their electricity when the sun is shining and are not subject to fluctuating pricing. Any excess electricity your system generates is credited to your electric bill through net metering, which can help you lower or eliminate costs, especially during darker months.
The value of installing a solar electric system extends beyond lower bills. Stable monthly payments through net metering provide budget confidence from the very first month. Moreover, considering the continuous rise in electricity prices, owning your power source protects you from high current and future rates.
Solar systems also offer a measurable return on investment. A typical home solar system can pay for itself in the first 7-10 years of its 25-year+ lifetime. Once paid off, the electricity you generate is essentially free, resulting in significant long-term savings.
In conclusion, there are compelling financial reasons to switch to your solar electricity system. It not only shields you from unpredictable electricity bills but also saves you substantial money over its lifetime. If you're interested in installing a solar electricity system, Maine Solar Pro can assist you every step of the way.
