Wednesday, December 07, 2022

Higher electricity rates prompt US homeowners to consider solar power

According to research by Rocket Solar, rising electricity rates, grid instability, environmental concerns and falling solar costs are reasons for homeowners to switch to solar power.

PV Magazine from USA

The cost of electricity is rising in states across the country. This, along with the increasing frequency of prolonged power cuts, is prompting more Americans to consider solar power.

Homeowners are now challenged to stretch their budgets with inflation, supply chain challenges and rising interest rates. The Rocket Solar study asked homeowners whether they spend more on household essentials today than they did a year ago, including 61% on electricity, food only (85%) and commuting (39%) are ahead of.

In May of this year, the average household paid $0.1492/kWh for home electricity service, according to the United States Energy Information Administration (EIA), which represents an average increase of 5% compared to 2021. This increase was quite high in some. In some parts of the country, such as New Hampshire, where rates rose closer to 50%.

Paying electricity bill is now a serious concern for many people, but having unstable network is another concern. The EIA reports that in 2020 the average electricity subscriber in the United States experienced a power cut of just over 8 hours, the most since records began in 2013. By mid-July 2022, 44% of homeowners had already experienced at least one power outage. year, and an additional 4.9% said they expected to have one but haven’t yet. Of them, 64.8% have suffered at least two or more outages in 2021.

“The power outage affects my family a lot as we have a nine-month-old baby,” said a homeowner. “If the power goes out, I worry a lot. We live where the heat index reaches 37 degrees and I can’t see my baby live in those conditions.”

Nearly three-quarters of homeowners surveyed said they believe solar power will reduce their electricity bills, and nearly 30% said they would consider using solar power if their electricity bills continue to rise. Will consider installing. This option is even more attractive to the respondents in the study, as electricity rates rise and solar energy costs fall. An additional incentive is the recently passed Inflation Reduction Act, which increases the investment tax credit to 30% for the next ten years.

In addition to cost savings, over 17% cited the environment as a reason to go solar. For 10% of those surveyed, another reason for choosing solar power is the potential increase in the value of their home.

The survey was conducted in July, when the company surveyed 1,560 single-family homeowners. The sample was controlled and split evenly between Generation Z and a combined sample of Millennials, Generation X and Baby Boomers. To ensure that participants had a clear understanding of their electricity bill, those who were not personally responsible for their electricity bills or who did not have a significant person responsible for their electricity bills were excluded from the study was.

Rocket Solar is part of the Rocket family, which includes Rocket mortgages, homes, loans and autos. Rocket Solar has partnered with Palmetto, which leverages proprietary platform technology and energy intelligence solutions to accelerate sales and adoption of clean energy. Palmetto connects homeowners with local sales and installation experts to advance the clean energy economy in communities across the United States.

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