We Energies Sets 11% Price Hike Rate for 2023
As utility hikes continue to happen, solar is a great option to control your energy costs.
What Does the Recent We Energies Rate Increase Mean for My Electricity Bill?
You may have seen the news that We Energies is going to hike rates for homeowners nearly 11% as of January 1, 2023. This is going to equate to an average of $12 added on to your electricity bill every month. For people with a high consumption rate, that means much more of an added charge every month.
You might be wondering how you can lower your utility bill when it feels out of your hands…
Would Solar Help in This Scenario?
Home solar installations offer two great financial advantages to help homeowners in these circumstances:
- Solar offers immediate savings by offsetting your utility bills with an energy source that will eventually pay for itself (typically 8-12 years.)
- Solar protects whatever percentage of your electricity mix it offsets from future utility rate hikes like this. So, if your solar offsets 75% of your annual energy usage only 25% of it is vulnerable to future cost increases. The cost of your solar panels will never go up once they are installed.
Here’s an Example of How Solar Benefits Your Pocketbook:
This 5.7kW solar system in Milwaukee will initially cost the homeowner $13,000. Here’s how the savings from solar break down over time:
Energy hikes are bound to keep happening, and the increased rates will always mean more money leaving your wallet. By installing solar, you pay a one-time cost to take energy production into your own hands and contribute electricity to the grid to offset your high energy bill every month.