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The Utility Cost of Not Going Solar

With utility rates continuing to rise and the weather becoming more and more unpredictable, there has never been a better time to go solar. “Preliminary data suggests that the utility costs will continue to rise this winter as all signs point to higher home energy prices as natural gas hits a 16 year high with no end in sight,” said the EIA.

Duke Energy Progress Requests Utility Increase

This October, Duke Energy Progress formally asked North Carolina utilities regulators to let it raise electric customer rates starting next year. The general rate increase request, if approved by the state Utilities Commission, would begin in October 2023.

Smaller additional rate increases also are proposed for October 2024 and October 2025. Under the proposal, Duke Energy Progress would seek a cumulative rate increase of 16%, with an 18.7% increase for residential customers, the company said. A typical Duke Energy Progress residential customer would see their monthly bill rise from $126.43 per month to $141.15 in late 2023, with smaller increases in 2024 and 2025 to $151.98, according to a news release.

Duke Energy Progress said the proposal would create a new program for low-income customers that could reduce their utility bills by $42 per month. And new energy efficiency programs offered to all customers can help generate savings that “significantly offset” rate increases, the release said.

According to the SEIA, Solar accounted for 39% of all new electricity-generating capacity added to the US grid in the first half of 2022. This shift away from fossil fuels to renewable energy can also be seen through the passing of the Inflation Reduction Act.

Financial Incentives for Going Solar

The Inflation Reduction Act added some very significant incentives (almost $375 billion) for homeowners, businesses, and governments to invest in solar, storage batteries, and electric vehicles. The goal of the Inflation Reduction Act is to reduce the country’s greenhouse gas emissions by 40% in the next decade. The Act increases the current solar and battery storage tax credit to 30% and extends it for 10 years.

Yes Solar Solutions has also partnered with Solarize the Triangle, a community-based group-purchasing program for solar energy, battery storage, and other clean energy technologies that help homeowners, businesses, and nonprofits become more resilient, reduce energy expenses, and save on the cost of renewable energy systems.

This goal became possible by obtaining volume discounts on materials and installation services. Based on a tiered “bulk” purchasing concept, the more local residents and business owners who contract for their solar installations through the program. This program is already on track to become the largest Solarize program to date with over 800 sign-ups. Pricing has already moved down several tiers and is expected to maintain momentum.

The Power of Solar

With all the new financing options for both solar and energy storage, there has never been a better time to invest in solar. Solar can increase the value of your home, freeze your electricity rate forever, and let you sleep soundly knowing you have done your part for the environment.

Solar panels are a clean source of power and are safe for you and your family. They don’t produce noise or other irritants and don’t harm the environment. Solar solutions don’t require fuel to run, so you never have to worry about how much fuel costs or how much you can access to keep your home running. Because they operate on power from the sun, the energy is free after the panels are installed.

Add Energy Storage

Energy storage like the Tesla Powerwall is an excellent backup for solar panels, as they store the power you’ve accrued through sunnier times in case of a power outage. When the power goes out, your battery starts working automatically, so there’s no scrambling to set up a generator or acquire fuel to get things back up and running.

Yes Solar has customers who never even realized they had lost power. Tesla even has a storm warning system that can help you prepare for oncoming weather. As long as you get some sun, your solar panels can charge your batteries indefinitely, and support whatever loads are most critical. These might be the kitchen, a well pump, an office, or medical equipment.

Choose Yes Solar

Choosing the right solar installation company is the key. We stress considering local businesses because they have a long-term commitment to the community they are part of, that their employees are part of, and that their reputation depends on. You can expect them to be around when the rebates and solar tax credits run out as national companies fold their tents and move on to the next state with good incentives.

Contact Yes Solar or give us a call at 919-804-1490 today for a free and accurate estimate for your own solar system!

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