By Theresa Ficazzola
Inflation is no joke. It hurts our purchasing power because everything costs more money—from food to interest on credit cards to our monthly utility bills—and prevents us from living the life we want to lead. While there’s not much you can do about the increase in most prices, aside from limiting your spending, there is something you can do about the increase in your electricity bill – get solar!
Adding solar panels to your home can offset the amount of money you spend on your monthly energy costs. While many different factors impact your direct savings from solar, a typical homeowner may be able to save between 60-100% of his or her current electric bill. However, since everyone’s personal situation is so different, results may vary.
Electric Bills Have Been Steadily Increasing
While the rise in utility rates is partly the result of the current bout of inflation, the truth is that rates have been steadily rising, even before inflation reared its ugly head.
Electric bills, especially in the Northeast, have been on the rise for quite some time. Additionally, consumers in New York City typically spend about 14% more for their energy than the average American in other states.
If you live in New York, you’ve seen your ConEd bill increase steadily over the last few years. New York City electric customers saw their bills increase by 3.9% in 2020, 4.5% in 2021 and 3.8% in 2022. Rates are going up again this year, and ConEd has already proposed another 4% increase in 2024 and an additional jump of 3.8% in 2025.
If you live in New Jersey, you should note that electric rates are also increasing in 2023. PSE&G and JCP&L rates are expected to rise on June 1 of this year by 3.3% and 4.8%, respectively.
Inflation Comes and Goes
Most people are not used to seeing such high levels of inflation, especially since the stock market has been doing so well for so long. One of the longest bull markets in history started in March of 2009 and ended in 2020 when Covid-19 disrupted the financial markets. However, just like most market events, inflation also comes and goes. Before the current bout of high prices, inflation was prevalent in the late 1940’s, then again in the mid 1970’s, and early 1980’s.
Unfortunately, you never know when inflation will appear. And while it’s here now, and it is painful for most people, we do know that it won’t be around forever.
Solar Can Save You Money
Even though inflation won’t be here forever, history does show that utility rates are continuing to climb and will probably continue to do so. The decision to go solar today could save you money both today and down the road. Solar will help keep your energy costs down, regardless of when inflation leaves or makes a return visit.
SI Solar Makes Going Solar Easy
The professionals at SI Solar are experts in helping local NY and NJ consumers find an affordable solar solution for their homes. We handle everything for you, including all the necessary paperwork for permits, inspections, loans and rebates. Plus, our solar systems come with a 25-year warranty that covers solar panels and power output. And our installation crew is fast, dependable and courteous.
Why wait until your electric bill goes up—again? Get solar now and start saving money as soon as your system is turned on. Just think what you could do with all that extra cash!
