Rising Electrical Rates according to U.S. EIA
If you think your electric bill is already too high, it's going to become even pricier to pay for electricity. The U.S. Energy Information Administration recently announced wholesale electricity prices will be higher this winter in their December Short Term Energy Outlook and it's not looking good.
In their recent statement the U.S. E.I.A. (Energy Information Administration) said ``Increases in wholesale electricity prices this winter (December–February) range from 33% higher than last winter in California” (U.S. E.I.A.). This means homeowners across the US will buy electrical power from their utility company with a 33% markup these winter months (December–February).
This is not to mention the new NEM 3.0 policy set to come early next year! Which will drastically change net billing rates for solar production and ultimately reduces the monthly energy bill savings for homeowners.
Most people think that if you have solar, you aren’t relying on the utility company. The truth is, if you have a grid-tied system, even with solar panels you are still tied to the utility company to access the solar power you store with them. Utility Customers who are currently on time-of-use rates, which are quickly becoming common, will find that their electricity rates will surge during afternoon and evening hours with NEM 3.0 when households are consuming the most electricity.
What this means?
Customers who go solar with NEM 3.0 will have different solar credit rates which will make their savings less if not including a backup battery. All new solar changes will only apply to solar customers who do not have their application completed and submitted by the deadline (April 2023).
This is where a battery backup becomes a necessity. When you can generate your own power, then store your own power in a back-up battery, that energy does not need to be stored on or supplemented by the grid - you own the power you store and can access it as needed. Find out how you can enjoy your peace of mind in your with our SunVault Backup Battery.
Do not let the utility companies keep spiking their prices and adding additional cost to your bill. Take control of your power and customize your solution!
If you are tired of these prices, talk to one of our solar consultants today! Reserve your spot today with NEM 2.0 and see if you qualify to be grandfathered in with profitable rates.