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If you are like most American families, paying your utility bill is a necessity that you look forward to as much as a trip to the dentist. To make matters worse, according to the U.S Energy Information Agency (EIA), energy prices have increased steadily over the last decade, and that trend is forecast to continue. This makes planning for your family's energy security an important part of your financial security, too.
Are you looking for ways to future-proof your family against the rising costs of electricity? Good news: there are options.
1. Installing renewable energy capability on your property
An obvious example would be a rooftop solar system.
2. Along with renewable energy, installing an energy storage system
This would be a battery system that will power your home when your system is not generating power.
Installing solar panels on your home is not a small project. You can realistically expect the cost to be in the thousands, or even tens of thousands, of dollars. That’s a big project for most families. Fortunately, there is a lot of help available in the form of government incentives, utility programs and specialty financing. Before determining if a rooftop solar system is right for your family, here are a few things to consider :
How much do you spend on your electricity bill every month? Every year, Americans are paying hundreds, if not thousands, in electricity costs. And every year, that amount rises. Think about it; if you pay $112 every month for electricity, that’s $1,344 a year. In five years, that’s $6,720, and $13,440 in a decade. Of course, that’s all without taking any price increases into account.
Why are Traditional Energy Costs Expected to Keep Rising?
Energy prices are expected to continue increasing in the coming years for many reasons, including the fact that the globe is relying on a decreasing supply of fossil fuel. This means that the demand will be significantly greater than the supply, naturally driving the price up.
Other factors to consider include:
Increasingly hot summers will have us relying on air conditioning, a major energy draw
Climate change will precipitate more natural disasters, and disaster cleanup is energy intensive
Most of the world's population resides in Asia, a continent undergoing rapid development and an increasing standard of living, increasing demand for energy
How can a Simple Rooftop System Really Insulate Me from Global Forces?
A rooftop solar system is not the only answer to energy security, but it does come with substantial benefits:
Your system will produce better than other systems on the market during the afternoon and early evening, traditionally when energy prices are at their peak
Installing an energy storage solution will allow you to save the energy you generate during the day and utilize it at night or whenever the system is not generating
Locking in the cost of energy now helps protect you from inflation.
Is it Worth It?
There are a few more things to consider before deciding if rooftop solar is right for you:
Many utilities allow you to sell the energy you produce back to the grid.
Quality solar systems come with long-term protection. At LG we offer 25-year warranties in product, performance and labor (labor costs in the rare case of a needed module repair or replacement are covered up to $450).
If renewable energy is widely adopted, we may be able to reduce our dependence on fossil fuels, lowering demand and keeping energy affordable.
When it comes to protecting your family, one of the things most often overlooked is energy security. By thinking about this today, you are guaranteeing your family will be well positioned in the future.
