In 2023, life seems more expensive than it used to be – and the cost of electricity is no exception. As we have been covering local electricity rate hikes for years (such as in 2021 and then again in 2022), increased utility bills are unfortunately nothing new here in Colorado and surrounding areas.
What's worse, however, is that alongside these rising electricity bills, utility profits also continue to climb upwards. In 2022, Xcel Energy reported $1.74 billion in total company profits, up nearly 9% year over year.
According to this infographic, shared by the Colorado Sierra Club, $727 million of these profits were the result of business in Colorado, a record high which represents an increase of nearly $150 million since 2019.
So although the cost of just about everything has risen in recent years, increased electricity prices can feel a bit unjustified knowing that local utility companies are also seeing record-high profits.
While unfortunately, most people cannot choose their energy provider, this does not necessarily mean that you should feel powerless against rising electricity bills.
Going Solar to Escape Utility Profits
If you thought that you had no other choice than to pay into utility profits year after year, think again.
By installing solar panels, you can reduce the amount of power that you need to purchase from the utility each month, replacing that electricity with renewable energy generated right on your roof or property. In lowering your energy bills with every kilowatt-hour (kWh) of utility power avoided, solar panels can help you save a significant amount of money on your long-term electricity costs.
So, no matter how many times your utility company decides to raise its rates, your solar panels will still be able to produce new electricity at no additional expense. Therefore, the more your utility charges, the more you can save on power bills avoided with your own solar energy system.
Generating emission-free electricity for two decades and more, solar panels enrolled in net metering in Colorado can often reach the point in which they “pay for themselves” in utility costs avoided, then continue to produce solar power for years to follow.
Contact Apollo Energy to learn more about solar and your energy bills.
If you are interested to see how much you can save with solar, please contact us today for a free consultation.
Apollo Energy is a locally owned, woman-led, and B-Corp-certified solar energy company based in Denver, serving Colorado’s Front Range and Southern Wyoming.