How Can Going Solar Help you Fight Inflation?
“Energy independence” has become a common buzzword lately. We want to rely less on fossil fuels, but progress has been slow nationally. With residential electricity prices increasing nearly 24% over the last 10 years according to the U.S. Energy Information Administration, we’re anything but energy-independent. And prices are expected to continue rising due to inflation caused by disruptions in the global energy supply.
What if more Americans took the reins and began controlling their own energy?
Right now, millions of homeowners are becoming energy-independent by owning money-saving solar energy and heat pumps that kick high utility bills to the curb.
Solar Loans Lock in a Fixed Rate That Saves Money
Some homeowners might think that going solar is too expensive, but in reality, they will save money in the long run. $0–down solar requires no upfront costs, and fixed-rate loans lock in a predictable monthly payment.
Solar owners are rarely affected by utility rate increases, saving them thousands of dollars over the system’s lifetime. Replacing fluctuating utility rates with a fixed monthly loan payment means you’re in control of your energy costs —truly energy independent — while still having access to the power grid. Many solar owners often pay little or nothing to their utility companies other than the required fees and taxes for maintaining access to the grid.
Likewise, owning a heat pump, which heats and cools homes, can lower energy usage by as much as 50%. Solar energy, combined with a heat pump, makes homes ultra-efficient and a worthwhile hedge against energy inflation.
Start Saving Money Immediately
Homeowners start saving money as soon as their solar systems and heat pumps are connected and turned on. They begin powering homes right away, and the savings will show up on the next utility billing cycle. Utilities that offer net metering give credit to customers who sell their solar-derived energy back to the grid, doubling down on the impact of going solar.
The average American household spends about $1,500 a year on electricity, but the average home with solar can save between $10,000 and $30,000 over the 20-plus-year lifetime of the system.
Reputable solar and HVAC sales companies can design appropriately sized solar and heat pump systems and, based on the kilowatt hours needed to adequately power a home, calculate the annual savings, so homeowners will know before they buy what their average savings will be.
Take the First Step: Apply for a Fixed-Rate Solar Loan
If you’re ready to go solar, apply today for a pre-approved loan [DW2] from Clean Energy Credit Union. Once approved, start the bidding process to find the best solar partner. Going solar takes several months, so the sooner you start, the sooner you’ll be energy-independent. And don’t forget to take advantage of the Inflation Reduction Act’s solar energy and heat pump tax credits. If you owe federal taxes, you can deduct 30% of the cost of the system. Solar customers can also find more rebates and incentives in their states.
With affordable fixed-rate loans, hefty incentives, and the low cost of solar compared to traditional, carbon-producing energy, there’s never been a better time to power your home with the sun.
Our mission is to make clean energy accessible to more people. Whether you’re building your dream home or investing in your existing home, a Clean Energy Credit Union customized home-improvement loan can finance the energy-efficient upgrades you need to save money and live your values.