New York Electric Bills are Up – Are You Ready for Solar Panels on Long Island?
When USA Today announced that New York’s electric bills are up 33% over the last ten years, the news only confirmed what locals already feel. New York has some of the highest electricity rates in the nation. The pace of rate hikes is also higher than in most other states.
With inflation and ever-increasing living costs, paying less on your PSEG Long Island bill could make a huge difference. A home solar panel installation could provide the relief you need with long-term savings.
How Much Higher are New York’s Electricity Rates Today?
According to data published by USA Today, New York electricity bills have increased 33% since 2015, outpacing the national average increase of 30%. New York has traditionally paid more for electricity, so any increase is felt heavily by families everywhere, from Buffalo to Long Island.
- The average Long Island resident pays around $197 per month for electricity, contributing to a yearly bill of $2,364. If you have a larger home or a family of four or more, then you’re probably paying more than this.
- New York’s average electricity rate over the last six months was $0.24 per kWh, compared to a national average of $0.19 per kWh.
- New York residents pay at least 26% more for electricity than the national average.
The population size, density, geography, and production methods mean that New York’s prices are likely to increase with time. You can consider home solar if you want to reduce the impact of rate hikes and put more money back into your pocket.
Why is New York the “Perfect” Solar State?
New York is the perfect solar state because solar helps reduce a household’s demand for high-cost grid-sourced electricity.
Let’s put this into context for your home on Long Island:
- Today, you consume all your electricity from the grid. All your electronics, appliances, lighting, and heating (if you use electricity) run from the grid.
- Installing solar doesn’t isolate you from the grid. It gives you more flexibility. During daylight, your electricity will be sourced from your solar panels first.
- This dramatically reduces how much electricity you buy from the grid, so your bill decreases.
- You will generate credits on your utility account when you produce more energy than you use (common in April, May, June, and July).
- Even though solar production varies throughout the year, the late spring and summer months help to offset minimum production months (usually December and January).
- Solar balances the savings throughout the year, helping you to predict your bills and manage your finances.
- A Long Island residential solar panel system will typically pay for itself in savings within the first ten years.
Modern solar panels last at least 25 years, so the savings are long-term. Eventually, you will generate a return on your investment. Whether you buy outright or use solar financing, it’s one of the smartest ways to streamline your energy costs.
Ask a Long Island Solar Installer if Home Solar is Right for You
Knowing the cost of electricity and the potential of solar, you might assume that every household can save with clean energy. This is generally true, but it’s crucial to have some detailed information before you make the switch.
Power Solutions is one of the most experienced solar panel installers on Long Island. In addition to detailed consultations and free estimates, we provide cost/benefit breakdowns to show you the potential lifetime savings available with home solar panels.
For a Long Island resident, news about New York’s outrageous electricity rates is a fact of life. With a home solar installation, it doesn’t have to be. Get your free estimate from Power Solutions on Long Island and prepare for your energy independence.
