The idea of a return on investment drives much of our financial and personal lives. When you make a purchase, you consider what the value of that purchase will be to your life. When you decide on what book to read, or movie to watch, or game to play, it’s natural to consider which you will get the most out of. The most laughter, the most information, the most enjoyment - all are returns for the time you spend with the story you chose. Even when you buy something or do something just because you want to, that frivolity is still a return on the investment of your time and money.
Your time and money are precious, so it’s natural to think about things in this context. However, only a handful of investments can boast freedom as part of their return. An investment in solar energy ensures your energy independence, in addition to the added value and security. We’ve talked a lot about those prospects: the financial return on investment as your system pays for itself in savings, the increase in property value gained from a solar installation, and the security of battery storage in the event of an outage or emergency. Each of these would be reason enough to justify starting a solar project, but we wanted to touch on the independence element today because there are a number of volatile factors that are contributing to market instability. Your solar investment today will grant you the energy independence you need, and the time to get in is now.
Solar: An Investment in Independence
When we talk about energy independence, or the idea that an investment in solar includes freedom as a benefit, it’s important to understand what that freedom is from. Primarily, one of the biggest values gained from clean energy generation is the ability to save on your energy bills, and that value isn’t simply a static savings. The cost of electricity has risen steadily over the last ten years, but it’s beginning to spike dramatically, with no sign of easing up. Recent rate hikes have already put Californians in a position where they are paying double the average rate as compared to the rest of the country, and with additional rate hikes planned for the near future, we will likely see that rate increase doubled as well. As we move into the summer months, and electricity usage reaches its peak, these rate increases are going to be felt. Not to mention, more people home and more time spent at home means more time using electricity during “Peak Hours”.
Instead of paying more this summer due to rate hikes and increased energy usage, you could be utilizing a solar energy system to generate clean, renewable energy right from your home, business, or property. You could meet with a solar consultant, discuss your energy needs, and come away with a plan for a custom installation all before summer arrives, and then you’ll be free from the ever-increasing rate hikes of grid energy. As the cost of gas goes up, their prices are only going to rise, and you can achieve energy independence simply by going straight to the source. Solar energy cuts out the middleman and allows you to be truly energy independent.
When Should I Invest in Renewable Energy?
Summer is an incredible time to invest in solar energy, as doing so will allow you to take advantage of increased production hours and protect yourself against staggering rate increases. That being said, even if we weren’t about to be headed into a summer of incredible solar opportunity, now would still be a good time to invest. The market is volatile right now, and costs are going up. Resources are becoming more expensive due to accessibility and supply chain issues, and consumers have felt that pressure across the board. The rate hikes are just one part of the squeeze - rising gas prices are also contributing to the inflation we are experiencing. The material components of a solar system are not immune to these issues, and as such the price of solar is bound to rise with the tide. While companies like Simply Solar are working tirelessly to make solar energy as accessible as possible, some things are out of our control.
With this in mind, now is the best time to lock in a solar system at the current price, before prices are increased even further. The political climate around the NEM agreement is an additional motivator here, and the continued deliberation around whether or not to keep our current agreement is an excellent illustrator of why now is the best time to get in on solar energy. You have a chance to lock in your price and your energy agreement all in one move, and prepare for all the value of summer solar generation in the process. In a difficult market, this represents a rare win-win opportunity that you would do well to take advantage of.
Be Prepared: Independence and Security
One aspect of solar that speaks to the energy independence it provides is the ability to reduce your reliance on the grid. Especially as we move into the summer months, there is an increased chance of power outages due to fire safety and energy availability. Despite the fact that many people rely on the grid for all manner of important reasons, the grid is not always reliable, and if you depend on the grid for your energy needs there’s always a chance something could happen. By adding a battery storage solution to your solar system, you not only alleviate the strain on your monthly energy bill, but also secure your access to energy for those moments when you need it most. Whether you use the power at your home to keep food fresh, entertain and educate your family, or power vital equipment like medical devices and well pumps, you should be able to access power when you need it, and a solar installation can provide you that level of energy independence.
Ultimately, the choice comes down to what kind of return you want to see from your investment. Beyond the obvious financial benefits, solar power has the ability to make you more resilient to rate increases, market volatility, and power outages. If you’re interested in locking in the best price possible and making the most of your summer of energy independence, reach out to one of our consultants today!