Electricity companies’ costs rise each year due to several factors. These include rising prices for fuel, labor and materials used to generate and deliver electricity, as well as compliance with government regulations. In addition, electricity companies must deal with increased demand from customers as population growth continues. All of these factors can lead to higher costs for electricity companies and ultimately result in higher rates for consumers.
As energy costs continue to increase, many homeowners are looking for ways to save money on their utility bills. One of the most cost-effective and sustainable solutions is to install solar panels. Though the initial investment may warrant a bit of sticker shock, the long-term benefits are with it.
How does inflation affect energy costs?
Inflation affects energy costs in a few ways – it increases the cost of raw materials, labor, and taxes.
As inflation increases, the cost of raw materials such as crude oil, petroleum, and natural gas also tend to increase. Higher input costs drive the cost of energy production up.
Inflation can also lead to an increase in the cost of labor used in producing energy. As labor wages and other costs associated with labor increase, so too do the energy costs.
Lastly, inflation typically leads to an increase in taxes which adds additional costs on the consumers, causing the total cost of their electricity bills to increase.
For these reasons, inflation is one of the main drivers behind increasing energy costs over time. When you choose to go solar, however, your energy costs will be fixed.
Avoiding rising energy costs with solar panel installation
Solar panels are a great way to combat rising energy prices because they allow you to harness the sun’s energy and convert it into usable electricity. This means that you can generate power for your home from a renewable source, which eliminates your reliance on the electric company’s energy sources. Not only can you avoid rising energy costs with solar panel installation, but you can also stay clear of power outages on the grid.
Solar panel installation offers homeowners a fixed cost on their electricity bills, so they don’t have to worry about inflation or fluctuating prices. Furthermore, solar panels are a great way to increase the value of your home. Installing solar panels can increase the value of your home by up to 4.1%, which is a great way to add to your home’s resale value.
What is the cost of solar panel installation?
The main factors that affect solar panel installation costs are the size of the system, the type of panels used, the location of the installation, the complexity of the installation, and the type of mounting system used. Other factors may include the cost of permitting and labor, additional equipment needed, and any applicable rebates or incentives.
The upfront cost of a residential solar energy system is $0, if you choose to utilize our financing options available. Some homeowners choose to purchase the system entirely upfront. The average cost ranges from $15,000 to $25,000, depending on the type of system and its size. However, the long-term costs of solar energy can be greatly reduced when taking advantage of state and federal government incentives. This can help make solar panel installation a more cost-effective solution for homeowners, as opposed to relying entirely on their utility for power.
The best part about solar panels is that once installed, they require very little maintenance and typically last up to 40 years. This means that you’ll be able to enjoy lower energy bills for many years without having to worry about increasing costs.
Fix your energy costs with Apollo Solar Company
As energy prices continue to rise, investing in solar panels is one of the best ways you can protect yourself from increasing utility bills. Solar panel installation costs may seem to be high, but the energy cost savings month over month prove to be well worth it. In addition to the cost savings benefit, solar finance companies allow you to add predictability by fixing your electric bill until the system is paid off, at which point you own the power your system produces outright.
With significant long-term savings, you can be sure that going solar will provide tremendous value in both financial savings and environmental benefits. If you’re ready to beat inflation, fix your energy costs, and make a long-term investment for the environment, get a quote today!