Amidst questionable government loans, Chinese panel dumping allegations, and the ups and downs of rebates and SREC markets, there is one support mechanism for solar installations that holds constant: electricity savings. As electricity rates continue to rise, rooftop solar will continue to be a viable solution to save money on your electricity bills and hedge against future cost increases.
Not surprisingly, several leading states in rooftop solar installations also top the country in residential electricity rates. The Energy Information Administration (EIA) keeps data on electricity prices dating back to 1990, with the most recent year in 2009. California, Maryland, Massachusetts, New Jersey, New York, and Pennsylvania, which frequently rank among the top 10 states in rooftop installations, post average household electricity rates well above the national average, exceeding 10¢/kWh. Furthermore, homeowners in these states on average have seen greater increases on their electricity bills over the last two decades compared to the rest of the country.
Without question, rebate programs and SREC markets drive solar industry growth in several of these states. Some areas have seen a slowdown in growth as incentive programs expire or SREC prices plummet. However, other states, particularly those listed above, have surged in rooftop installations despite the reduced incentives. The drop in panel prices and availability of solar leases allow more and more homeowners to pay for a PV installations exclusively through monthly electricity savings.
If you request a free quote and include your electricity bill estimates, we’ll find installers that can provide feedback on how much savings you’ll earn from a PV installation!