As electricity prices rise across America, millions of families are losing access to basic utilities and drowning in debt greater than ever before, the BBC reported.
Last November, electricity prices were 6.9% higher than a year prior, an increase that is greater than the rate of inflation, according to the BBC. Almost 5% of American households face having their utility debt sent to collections this winter, potentially leaving them without power and heating. Debts that were once typically in the hundreds now reach $6,000 or more.
Federal policies are one contributing factor, as the current administration has slashed support for clean energy such as solar and wind while increasing reliance on ever-more-costly fossil fuels. Artificial intelligence, powered by massive data centers, also contributes to the increase, claiming a huge share of the energy generated.
One way to get around these rising costs is with solar panels, which use abundant solar energy to generate power that doesn't rely on the grid. TCD's Solar Explorer lays out your solar panel options and can help you save up to $10,000 when you install solar panels on your home.
But even for some solar customers, costs are going up. According to the BBC, Ibrahim Awadallah of Charlotte, North Carolina, installed solar panels last year to help with costs. Even with the monthly payment on his loan, he paid less for power than his neighbors but still noticed a 10% increase in his power bill in October, despite being out of town for a large portion of the month.
"I don't think things are getting better anytime soon," he told the BBC.
Smart upgrades that slash monthly energy bills
Given how much the cost of energy is increasing, it makes sense to do everything you can to reduce your power bill. Here are some resources to help you get started.
• EnergySage can help you save up to $10,000 on installations by curating competitive bids from local installers
• Not ready to spend up front? Palmetto's $0-down LightReach solar leasing program can lower your utility rate by up to 20%
• TCD's Solar Explorer makes it easy to access exclusive offers from preferred partners
Get $1,000 cash to slash your bills with rooftop solar panels for $0 down and low monthly payments Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's advisors can help you save up to $10,000 on installation through a network of preferred installers. And if you'd rather get solar savings without upfront costs, Palmetto's revolutionary LightReach subscription program can deliver — including an exclusive $1,000 cashback offer for TCD readers. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings of up to 33% off your current power bill. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just book a short meeting with Palmetto's experts to explore your options and find the solution that's right for you. |
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$200 or more 💰 In addition to solar panels, other electric appliances can make your home more efficient. Working together, solar panels and an energy-saving HVAC system can reduce your utility costs by an incredible amount. Mitsubishi offers options that are tailored to your home and budget.
To help fund these upgrades, use the Palmetto Home app to unlock up to $5,000 in rewards by taking simple actions throughout your day.
Get TCD's free newsletters for easy tips to save more, waste less, and make smarter choices — and earn up to $5,000 toward clean upgrades in TCD's exclusive Rewards Club.
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