After a few decades in which inflation was negligible, rising prices are suddenly back with a vengeance.
And, while no economic sector has been immune, energy costs have soared at a particularly alarming rate.
In our neck of the woods, for example, Pennsylvania Light and Power (PPL) has raised its rates not once, not twice, but three times in less than a year. PPL’s 2.5 million customers—who saw their electricity rate rise 26% in December and another 38% in June—are about to get hit by yet another 18% rate hike next month.
Given all that sticker shock, it's no surprise that more homeowners are looking to lock in a low electric rate by going solar.
In July, 1,560 single-family homeowners were surveyed on how rising energy costs are affecting them and the steps they're taking in response.
The survey was demographically controlled to make sure the participants' ages and genders reflected the general population. To ensure that everyone surveyed had a clear understanding of the issue, anyone not responsible for their own electric bill was excluded.
Rising electricity rates
The study found soaring energy prices to be a serious concern:
60.6% of homeowners have seen a rise in their electrical rates in the last year.
56% of homeowners believe their utility’s electrical rates are too high
When asked which essentials they're spending more on than a year ago, 61% said electricity, just behind food and ahead of commuting.
Saving money with solar
In terms of how homeowners are responding to soaring energy prices, solar power ranked second right behind reducing usage.
Almost a third of respondents said they were ready to immediately install a solar system or consider doing so should electric rates continue to rise. Another 5.6% said that they'd already made the switch.
Grid Instability
While financial concerns were the main motivator, soaring electric rates aren't the only thing that's increasing the demand for solar power.
More frequent power outages turn out to be another driving factor.
The best time to go solar is now
The cost of electricity kept increasing even during the previous two decades when inflation wasn't much of a concern.
Now, however, with the cost of living once again soaring and power outages becoming a regular feature of life for many homeowners, it's safe to say that there's never been a better time to go solar.