Solar Craft

Can You Save Money with Solar in 2024?

In 2024, can solar really help you save money? Coming into the new year, you should start making plans for all the things you want to do in 2024. You should think about the choices you will make and how they will affect your overall success. Because of this, it makes sense to look at solar and wonder if buying a system will really save you money.

When thinking about how much solar is worth, there are some things that will always be the same and some things that can change based on how markets and policies change. Still, solar is a great way to save money and increase the value of your home, and we are sure that you will save money if you put it in 2024. Here are a few of the main reasons why solar is such a good investment.

Avoid Rate Hikes – Save Money with Solar

Rate hikes are the first thing we’ll talk about because of new information that you should know if you use the power grid and don’t have solar. We talked at length about a rate hike that was planned for last year. At the time, we didn’t know the exact percentage of the rate hike; we only knew that there were several plans on the table and that all of them would make energy more expensive.

March of the Rate Hikes

We finally found out that the rate increase had been accepted. It was 12.8%. This would usually add about $33 to your monthly energy bill and about $400 to your yearly energy costs. Many Californians already pay a lot more for power than people in other states, so this would be hard for them. But we thought this would be the last rate hike for a while. Sadly, PG&E had other ideas. As the new year began, we learned that the utility was planning to ask for more rate hikes, with one planned for March and another reported to happen later in the year. The increase in Q1 would add an extra $24 to your monthly bill, and the reported increase in the future would add an extra $43 per month on top of that.

A Pressing Concern

The total amount that utility customers who get their power from the grid could have to pay extra each month is $100. This would add up to a yearly rise of over $1,000. Rate hikes are at the top of our list today because they will put a strain on our finances right away. The other benefits will have to wait while we deal with this. You shouldn’t have to pay more for the same amount of power that you were already using and get any extra perks. Instead of renting power at a net loss that keeps going up, your energy bills could be used to set up a long-term production system that will save you money.

Property Value: Plant the Seed of Solar

Rate hikes are a big problem, but the real value of a solar system is much bigger. It lowers your monthly costs and locks in an end date for your energy bill. You can avoid high time-of-use prices by saving power for later, and it saves you money over time that it even pays for itself. At the same time, the system itself raises the value of your home, so you get two benefits from its value. Studies have shown that a solar system can add between 4 and 6 thousand dollars to the value of a home per kWh of energy generated. This means that the bigger the system, the more value it adds. Solar can save you money in many ways. One way is that a system on your home will earn you money over time.

Save Money with Solar this Summer

As soon as winter ends and spring starts, a lot of people will want to put solar panels on their homes. It happens every year without fail. We call it the “Spring Rush.” When the weather gets better again, it makes people think of summer and the best months for solar power, so they rush to get in line before all of their neighbors and friends do too. While you can wait in line for a few months, the best way to save money on solar this year is to sign up for a plan now. That way, you’ll be ahead of the line and able to save money on solar.

Even though you will save money in the long run with solar in 2024, you should move quickly if you want to get the most out of those savings. If you wait too long, you’ll be in a rush and have to pay more for power because rates have gone up again. That might sound like a lot of work. Let our professional consultants make the process easy and painless for you!

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