Electricity rates are climbing fast, and Americans are looking for alternatives to power their homes amid the uncertainty.

What's happening?

Prices are up 30% since 2020, Wired reported, "disrupting manufacturing, construction, transportation, and more."

Because electricity demand is expected to continue growing — other factors include volatile fuel prices, tariffs, and slow power grid updates — "your bills will likely rise further." Policy decisions, such as the Trump administration's backing of coal and shunning of renewable energy projects, could delay the arrival of cheaper energy as well.

"All of those factors are combining to create a scenario in which there could be long-lived year-over-year increases in electricity prices," said John Quigley, senior fellow at the University of Pennsylvania's Kleinman Center for Energy Policy.

Why is this important?

Wired also noted that 80 million consumers have had to choose between paying their electric bills and covering health care and other expenses. It added that while energy costs have been up significantly in recent years, they have been steady since the turn of the century.

At some point in the future, though, costs will come down as clean energy usage replaces dirty energy reliance. "One of the key drivers for change is electrification, particularly light-duty vehicles," Geoffrey Blanford of the nonprofit Electric Power Research Institute told Wired.

Going solar is another great way to save money on home energy and lower planet-warming gases. Annual savings can reach over $3,000. But since installing solar panels can be prohibitively expensive, many homeowners turn to leasing them to access the benefits while avoiding massive upfront costs.

Palmetto's LightReach leasing program can help you get a solar system, and plans include those that require no money down. Approaching 1 terawatt-hour of solar power generation, Palmetto has over 15 years' experience in the industry and thousands of customers across at least 25 states.

What's being done about rising energy costs?

While many people are turning to electric vehicles, installing solar panels is the ultimate home energy hack, bringing your monthly power bills down to or near $0. 

If you'd rather buy than lease, EnergySage provides a free service that makes it easy to compare quotes from vetted local installers and save up to $10,000 on an installation. If you need help deciding, check out this pros and cons list.

Upgrading your home in other ways can also save you money while cooling down the planet. Replacing a traditional HVAC setup with a heat pump, for example, can be worth $370 every year in energy costs and avoid 2.6-7.6 metric tons of carbon pollution. To find the right affordable heat pump, you can start by scheduling a consultation with Mitsubishi.

How often do you worry about your energy bills? Every day 😥 A few times a week 😟 A few times a month 🙁 Only when I pay it 😬 Click your choice to see results and speak your mind.

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