With energy prices on the rise, how can homeowners lower their bills?
When it comes to paying for utilities, electricity bills often earn the top spot. In fact, the average consumer pays up to 7 percent of their yearly income on energy costs.
Fortunately, renewable energy sources, combined with home energy storage, offer a way to significantly slash energy bills. Read on to learn more about how to reduce the drain on your wallet.
How to Cut Energy Costs: Renewables
As alternative energy sources grow ever more efficient and cost-effective, homeowners are choosing to take advantage of today’s improving technology. In particular, the solar photovoltaic (PV) industry is on the rise. Year-over-year, residential solar installations have increased by 10 percent, and total solar PV capacity is expected to double within five years.
Many homeowners’ solar PV systems generate more energy than they use. In some cases, this unused energy can be sold back to the power utility under a system known as net metering. But as laws and regulations surrounding net metering continue to change, many solar PV users find that net metering simply doesn’t save them enough money.
Instead, many are turning to home energy storage. These storage systems allow homeowners to save the unused energy they generate right in their own homes, using “smart” batteries.
Lowering Energy Bills with Storage
Home energy storage systems allow homeowners to access the clean energy they’ve generated at any time — when a storm causes a power outage, on a cloudy day, and at night. This increases their self-sufficiency.
Even better, energy storage saves money, as homeowners don’t have to rely on expensive generators and the fossil fuel they need to operate. When used in combination with renewable energy such as solar PV, home energy storage cuts energy costs while increasing homeowners’ energy resilience.
If you’re interested in learning more about this topic, feel free to visit pika-energy.com.