How Solar Can Inflation-Proof Your Home or Business

News about inflation is unavoidable. Turn on the radio or open an article from any big media outlet and you will find headlines about inflation and rising electricity prices. Last month the federal government reported that consumer prices climbed 8.6% for 12 months ending in May.

Headlines like that can leave us feeling helpless. What can we do to prevent rising costs? What does this mean for my future? My family’s future? The future of my business?

If this news has you feeling down, take a moment to learn about how you can be proactive in the face of these changes. In this blog, we will look on the bright side and help you consider how solar energy can help inflation-proof your home or business – for decades to come.

As ratepayers continue to see electricity rates they’re paying increase, they are turning to solar energy to take control. If you’re considering going solar, one reason is that you are interested in saving money over time.

Solar is a great option for homeowners who are interested in making their monthly utility expenses more predictable and locking in their electric rates.

Determine Your Timeline

We know you’ve been thinking about solar for a while. Have you decided on a timeline for your installation?

When thinking about inflation and solar installation, developing a timeline is an important first step.

The sooner you go solar, the lower your costs for that solar installation will be.

You may remember headlines about solar prices falling for a long time. We’ve seen those dropping prices even out as solar PV technology became standard. We haven’t seen huge changes in the technological components of solar PV in some time, and that’s reflected in price stabilization.

Because, like all things, the material components for a solar energy installation are susceptible to the same supply chain issues, material and labor costs, and interest rates that are being seen across the board.

So, if you’re thinking about going solar, the sooner, the better.

Near Term Savings

After your solar system has been installed and switched on, you will see the immediate benefits of more predictable monthly bills.

And, as electricity costs in Ohio continue to rise, your near-term savings will increase too.

Long Term Savings

The sun has always been the most reliable source of energy.

When you go solar you purchase significantly less power from your public utility company. With these rates locked in, you can calculate your fixed costs for the next 25 years or more.

Electrify Your Home

As you get used to being a solar homeowner, you’ll start thinking about ways to increasingly use the solar energy you’re generating at your home.

Between investing in an electric vehicle to phasing out appliances to be all electric, you increase your return on investment in solar energy the more you use it!

Enjoy Peace of Mind with Solar Energy

As energy demand and costs increase, we predict an inevitable increase in the number of locally installed solar systems as homeowners and business owners turn to clean energy to generate their own power onsite.

In fact, we predict that individually owned solar systems – on the roof or ground-mounted – will become as commonplace as air conditioning in homes and businesses!

High electricity rates mean solar savings. As electric prices increase, so do the savings you benefit from when you produce your own power onsite.

When you install solar, you are not just generating clean energy. You are also replacing the cost of electricity that your solar energy replaces.

Take the next step to inflation-proof your home or business

What are minor adjustments to our current lifestyle that we can make to insulate our families from the creep of inflation? Installing a solar energy system at your home is an actionable step you can take to take control of future costs of energy right now.

Electric Bills on the Rise Again in Ohio

Inflation is on our minds. As we see inflation creep into all corners of our lives – from prices at the grocery store to new car costs – we wonder how increased costs will affect our energy prices at home.

We can tell you one thing we have known here in the solar industry for a long time: Energy rates will continue to rise.

According to the latest data from the U.S. Energy Information Administration, electric power is up 8% nationwide from 2021 and 6% in Ohio. This rise is far beyond the 3% inflation rate we have historically modeled for our customers to help them understand how electricity rates impact their solar savings.

In this article, we will explain why electric costs are rising in Ohio and what you can do to insulate your family or your business from ongoing energy inflation.

Why are Electric Bills on the Rise in Ohio?

Several factors are driving this upward curve.

War

The most immediate reason for the price jump in electricity rates is the war in Ukraine. Natural gas (which is burned to make electricity) accounts for 40% of the electricity supply in the U.S. Due to disrupted supply patterns between Russia and Western countries, costs are up worldwide.

Climate Change

Costly upgrades by electricity suppliers are needed to modernize the electrical grid. Hardening the electrical grid for natural disasters in the face of climate change is part of that modernization that is becoming increasingly difficult to put off.

The winter storm in Texas in 2021 that left many without power for weeks, is an example of the vulnerabilities that utility grids across the nation will face in the future.

As natural disasters become more common, utility providers must improve their infrastructure.

Add in increased supply chain costs that we’re all facing, and we know that these improvements will be costly for utility companies. The cost of utility grid upgrades inevitably trickles back to ratepayers in the form of rate increases.

According to the New York Times: “U.S. utilities could spend hundreds of billions of dollars in the coming years to repair and upgrade grids.” (https://www.nytimes.com/2021/10/28/business/energy-environment/electric-grid-overload-solar-ev.html)

Oil Production

You may remember when, at the beginning of 2020, oil production came to a screeching halt when nationwide stay-at-home orders took effect. Oil production has yet to return to pre-pandemic levels of production.

Following this disruption, some refineries opted not to re-open. The lack of supply is driving fuel prices for electricity up further.

All these factors add up to energy bills going up.

As a result of the increases, we see a strain on our budgets. We see that strain at the pump, in grocery stores, and our monthly energy statements.

What fuel source makes up my energy mix?

The E.I.A. is required to report on the utility makeup and prices for homes, businesses, and organizations across the nation. Our government uses these reports to help them make decisions about energy policy. You can track which energy is being produced and used in your state here: https://www.eia.gov/state/?sid=US

 

The Future is Clean Energy

Saving potential with solar will climb! When we look into the future, we know that conventional electricity will only become more costly to consumers due to supply shortages, grid upgrades, and natural disasters.

You have the option to take control of your own power at home and/or your business through solar.

Why wouldn’t you choose solar when you have the power to make your own energy and lock in your rates?

TO: All media

LOCATION: Solid Ground School, Millfield, Ohio

CONTACT: Geoff Greenfield, Director of Solar Strategy, [email protected], 740.707.4720

THIRD SUN KOKOSING SOLAR DONATES SOLAR PANELS TO LEARNING COMMUNITY

The solar array installation at the progressive learning community in southeastern Ohio will reduce the facility’s carbon footprint, minimize facility expenses and expand educational opportunities.

LOCATION – A new solar panel installation at the Solid Ground School will help the non-profit save money, reduce its carbon footprint, and serve more students across the southeastern Ohio region.

Third Sun Kokosing Solar (TSKS) donated the solar panels. The rest of the installation was made possible through the fundraising efforts of Solid Ground School leadership.

“Solid Ground Farm is dedicated to growing a sustainable future and to providing the best example we can for the many children that visit the school and camp. We are excited to work with TSKS to become local energy producers and to show youth that the sun not only grows gardens and powers ecosystems but also, thanks to human ingenuity, can generate the electricity that we use every day,” says Weston Lombard, Nature and Entrepreneurship Teacher.

The addition of the 28 rooftop solar panels will allow the school to reduce its contribution to greenhouse gas and carbon emissions over time while also saving money it would have otherwise spent on energy costs for essential initiatives. The 8.4 kW solar array is expected to offset the facility’s annual energy costs by 98 percent and offset a yearly equivalent of 120 metric tons of CO2. Over the lifetime of the solar array, TSKS estimates the non-profit will save over $40,000 in avoided electricity expenses.

“Solid Ground School is a fantastic example of how a school can help students and the community appreciate and connect with this amazing planet,” says Geoff Greenfield, Director of Solar Strategy for Third Sun Kokosing Solar. “We are more than pleased that these solar modules will become part of the program and hope that the children and families that learn how it works will take those lessons out into the world to accelerate the shift to clean energy.”

About Third Sun Kokosing Solar

Third Sun Kokosing Solar has been designing, building, and financing clean energy solutions for commercial clients across the Midwest since 2000. We bring more than 22 years of solar installation experience as Ohio’s longest-standing full-service solar installer. In 2022 we became Third Sun Kokosing Solar and are strengthened by the 71 years of experience of Kokosing, Inc., one of the largest family-owned construction companies in the Midwest and Mid-Atlantic. We serve residential and commercial clients in Cleveland, Cincinnati, Columbus and beyond. We are a fully insured and licensed Electrical Contractor with highly trained NABCEP certified installers committed to delivering safe high-performance systems with top-notch customer service.

About Solid Ground School

Solid Ground School is a place-based, progressive learning community where children, families, and educators can grow deep. We believe that when individuals are actively engaged in their learning, supported in critical thinking and community building, and rooted in the natural world, they flourish and become conscientious, creative problem solvers able to face the challenges of an uncertain future. Solid Ground School is 501c3 non-profit elementary school program that empowers children and families to be the creators of their own education.

What does the Inflation Reduction Act 2022 mean for Residential Solar Energy?

Have you heard the news? No need to wait until 2023 to go solar!

Over the weekend, the Inflation Reduction Act (IRA) was passed and today (August 16, 2022) signed into law!

What does this mean for clean energy improvements at your home? One of the biggest benefits in the IRA is the tax benefits for solar.

All solar installations completed in 2022 and for the following decade will be eligible for the Solar Investment tax credit at the full 30% rate! The same incentive also applies to storage.

But don’t wait! Here’s why it makes sense to go solar now:

1. The best Solar Products are available now
2. Lock in your payback period
3. Take advantage of the 30% Tax Credit

Going solar in 2022 means that for many years down the road, you’ll be sitting back, reaping the rewards of your foresight.

Will 2022 be the year you go solar?

For an updated solar proposal, fill out the form below to get started!