How Solar Protects from Utility Company Rate Hikes
Alternative Energy
Utility company price hikes strike again! We’ve talked about it before when it happened in Jacksonville and it continues to affect cities across the United States. Now, homeowners in New Jersey are faced with price hikes of up to nearly 7% and, for many, it’s time to start thinking about a switch to renewable energy sources like solar [5].
Ready to move forward with clean, price-protected solar energy? Call us today at 1-888-MOMENTUM or click the “FREE QUOTE” button at the top of this page!
What’s happening in Atlantic City?
On February 8, the utility company, Atlantic City Electric, proposed a rate increase that was approved by the NJ Board of Public Utilities. The increase will result in a typical residential customer seeing an average additional $12 per month on their bill, that’s an extra $144 per year. The utility company, which serves around 565,000 customers in South Jersey and Ocean County, will rake in more than $104.8 million from its customers through this increase [3].
According to app.com, “an average Atlantic City electric customer who uses 669 kilowatt hours per month will see monthly bills rise by 8.8%, or about $12.22, to $151.04. The increase would come through the utility’s delivery rate, which it uses to pay its expense and fuel its profit.”
Atlantic City Electric is not the only company in New Jersey jacking up its prices. State-wide, prices are skyrocketing. Rockland Electric Company customers will see an increase of 6.9% which will affect over 72,000 customers while other companies’ rates are being raised anywhere from 3.3% to 4.1% [4].
Another concern for Atlantic City homeowners is rolling blackouts. Atlantic City Electric’s rate increase proposal cited the need to invest in infrastructure improvements to prevent future blackouts and improve grid reliability [3].
By installing solar panels and combining them with battery storage solutions, you can increase your energy independence and reduce your reliance on the grid, minimizing the impact of blackouts on your daily life. For more information about how solar and storage can help protect you from blackouts, click here.
Rates are rising all over the US
Homeowners across the U.S. have been hit by rate hikes from coast to coast. We’ve covered it nationwide and, more recently, when the Jacksonville Electric Authority voted unanimously to raise base rates in the Jacksonville area.
In 2022, consumers paid 14.3% more for electricity than in the previous year [1]. In 2023, energy bills continue to skyrocket. Even before political tension, the World Bank forecasted that energy prices this year would “be 75% above their average over the past five years” [2].
How Momentum can help
Momentum Solar is proud to serve New Jersey as well as 10 other states including Arizona, California, Connecticut, Florida, Georgia, Massachusetts, Nevada, New York, Pennsylvania and Texas. Our team of experienced professionals can help you design a solar panel system that meets your energy needs and fits your budget. We also offer a variety of financing options, including leasing and purchasing, so you can choose the best option for your situation.
If you’re one of the many who are facing price hikes in New Jersey and you’re new to solar energy, don’t worry, we have you covered. For more information about getting solar in New Jersey click here, we also have a blog that provides a comprehensive Guide to Solar in the Northeast, including information on incentives, solar tax credits and installation. We also offer a free solar consultation, where we’ll assess your energy usage and help you determine the best solar solution for your home.
Not in New Jersey or the Northeast? Momentum is happy to serve homeowners all around the U.S. – click here to learn about coverage in your area.
It can be frustrating to see your monthly bills increase and feel like you have no control, but there’s a way to reduce your reliance on traditional electricity sources and save money in the long run: solar power. By going solar with Momentum Solar, you can break free from these rate hikes and gain control over your energy costs. You’ll also be doing your part for the environment by reducing your carbon footprint.
To purchase solar panels for yourself or get more information about what plan is right for you, call 1-888-MOMENTUM to speak to a local sales representative.
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