Increased Electric Bills Ahead: Why Now is the Best Time to Invest in Solar Panels for Your Home

With the Coronavirus spreading, you may be considering a home improvement project like starting a garden, cleaning the gutters, or switching to solar for electricity.  If anything, these strange times have only highlighted the benefits and importance of switching to solar.

The Stock Market vs. The Cost of Your Electricity

The stock market is volatile and with record lows in the news, you may be thinking twice about investing money anywhere at this point.  The stock market may continue to decrease as everything evolves, but it is critical to understand that the stock market is different from the electricity market. In reality, what happens on the stock market has little impact on the price of solar or electricity in general.  Don't let what happens in one investment opportunity sway your decision on what is happening in another investment opportunity, as now really is the best time to switch to solar.  

For electricity, most people in the Front Range will experience at least a 10% price increase in 2020.  As the state switches to Time of Use Billing most electricity bills are expected to increase closer at a rate of 25-30%.  The cost of electricity is only increasing, and because of legislation changes, it will be increasing at an even faster rate over the next couple of years.  Solar customers, however, have the opportunity to save even more money.

Solar Panels Increase Home Value

Solar electricity is an asset you own.  As we have written previously, owning solar panels increase home value and help homes sell faster.  It also secures your source of electricity for you and your family.  Just as other essential items are being rationed in these times, electricity could be the same in the next disaster.  It is important to secure your source of energy and to prepare for a future with possible electricity restrictions.

Solar Incentives are Here... For Now

Solar incentives are going away.  The current deadlines are set to reduce the tax credit at the end of this year and to expire completely at the end of 2021.  As these incentives decrease, the cost of going solar for homeowners will only increase.

Even in these trying times, your electricity bill won't go away.  With increased activity at home, your bill will also increase, and over the summer, it may become a real problem. We can help you take control of that problem and show what your savings with solar can look like before the incentives go away.  

We are offering virtual assessments for anyone who is interested in switching to solar.  There is no cost or obligation for this information.  We just need 30 minutes and your electric bill.