Homeowners Considering Solar Energy To Decrease High Electricity Bills

Solar power is a new and exciting way to generate your own energy. If you’ve been looking for a way to save money, but not have to worry about the fluctuations in the power grid, then solar might be for you.

If you’re interested in learning more about solar power, here’s what you need to know why homeowners considering solar energy to decrease high electricity bills.

As rates for electricity continue to rise and solar technology becomes more affordable, it’s no wonder that more homeowners are looking at solar energy as a possible option according to a study issued by Rocket Solar.

In the last few years, electricity prices have risen all over the US, and in many states, the cost of electricity is higher than ever

There are many reasons why solar energy is becoming increasingly popular. Among them are frequent power outages, reduced dependence on the grid, and reduced need for maintenance.

Homeowners are struggling with budget constraints, which are the result of increasing home prices, inflation, supply chain challenges, and higher interest rates.

Rocket Solar’s Study has done a survey and asked homeowners which home essentials they are spending more on today than a year ago and discovered that 61 percent said electric power 85 percent second only to food and ahead of commuting 39 percent.

 

In May of this year, the average U.S. household consumed $ 0.1492kWh of electricity for home service, or a 5% increase over the last year 2021 according to the U.S. Energy Information Administration (EIA). Rates rose substantially higher in some areas, including New Hampshire, where the rate increased by about 50%.

There are many concerns about living a stable life including paying high electricity bills and an unstable power grid. According to the EIA reports, the average American electricity customer had just over eight hours of outages during the previous 12 months, the highest since it began keeping records in 2013.

As of mid-July 2022, 44% of property holders had proactively experienced something like one blackout this year, with an extra 4.9% saying they hope to have one yet have not yet. Of those, 64.8% had no less than at least two blackouts in 2021.

 

The survey found that nearly 75% of U.S. homeowners believe solar energy will lower their electricity bills, and more than 30% say they’re considering installing solar if their electric bills continue to rise. This research study shows that it is becoming more appealing to the study respondents as electric rates continue to rise and solar costs decrease.

A good reason to invest now is the new Inflation Reduction Act. It doubles the credit to 30% for the next ten years. In addition to cost savings, just over 17% of those surveyed said that they are going solar because of the environment.  According to 10% of the survey respondents, one of the main reasons to go solar is that they expect a potential increase in their homes.

 

The survey was conducted during the summer when the company surveyed 1,560 single-family homeowners. Each group received the same sample but they were split into four different groups (baby boomers, Generation X, Generation Z, and millennials). For the participants in the study who weren’t individually responsible for their electric bill or whose significant other wasn’t responsible for their electric bill, their electric bills were excluded.

Rocket Solar is one of the divisions of the Rocket family which includes Rocket Mortgage, Homes, Loans, and Auto. Rocket Solar partnered with Palmetto, a startup that leverages proprietary platform technology and energy intelligence to accelerate the sale and adoption of clean energy. Homeowners connect to local solar installers at Palmetto. This helps get the best value out of renewable energy investments across the United States.