Inflation is top of mind for most people these days, with the latest reports from January showing another .5% jump in consumer prices. We all have noticed price increases in our daily lives, at the grocery store or the mall– and on our utility bills. Wondering what action you can take to manage the rapidly rising cost of living? Let’s take a look at the many ways going solar now can inflation-proof your home, and if you have an EV—a large part of your life.
How does switching to solar immediately affect my household expenses?
Once your solar is turned on, the immediate effect is a lower, more predictable monthly payment on electricity bills. Because you will no longer rely on the utility, which is mainly fueled by natural gas, for your electricity, you’re taking your energy payments into your own hands. Take a look at this blog post we recently published that shows why natural gas prices rise alongside oil and gas prices.
Because our local grid is powered mostly by natural gas, we’re looking at up to a 20% increase over the next year, according to the Virginia Mercury.
A great way to control that escalation is to invest in solar. If you decided to take that same chunk of money you pay your utility and direct it toward ownership of solar panels, you’d be making a solid financial decision that will lock in a lower, more predictable payment for the length of the payback period and a great ROI over the life of the system. (Not to mention the investment you’d be making toward a healthier, more livable future for our kids).
Especially if paired with battery storage, this investment gives you reliable power and peace of mind in changing times — and a return on your investment currently averaging at about 7.5%.
Check out the chart below to see the factors that play into your solar ROI, and how those factors are impacted by inflation using a theoretical 10kW system size.
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In the longer term, how does going solar inflation-proof my home?
The more you electrify your home over time, with an EV, a heat pump HVAC system, an induction stove, and other electrical appliances, your solar energy system will power those items with the sun. The cost of sunlight never changes, and the sun reliably works—every day for the rest of your life.
Once you reach that magical day when your system breaks even, all of your electrical appliances and vehicles run for free on solar energy every day afterward. With prices at the pump through the roof, and when we see in real-time the damage that reliance on oil and gas causes, that value is immeasurable— to our families, our wallets, and our planet.
If you’ve been thinking about solar, now’s your time
Give us a call at 703-249-6594 or click below to talk through the ways all of these current issues may affect your specific situation. We’re happy to walk you through the various options and show you the predicted difference in price between making the decision now or later. We love to nerd out about the Consumer Price Index and interest rates with you!
