Time to Prepare for Winter (and Higher Heating Bills)
Oct 07, 2022
by Tara McDermott
This year hasn’t been the easiest for Long Islanders. During the spring of 2022, we dealt with higher than average gas prices, then this summer we saw temperatures (and electric bills) reach new heights. Unfortunately, this winter and costs of heating our homes show all signs of following the trend.
Many homeowners are looking to save money on bills any way they can. Solar has become one of the best options for residents across Long Island and New York City hoping to reduce costs.
Cost of Heat and Electricity
National Grid customers can expect to see their bills increase 29% this winter. Long Island customers will pay about $299 more to heat their homes, climbing to around $1,320 for the season. New York City customers can expect to pay roughly $306 more this winter than last year, and the Old Farmer’s Almanac says that New Yorker’s should prepare for “record-breaking cold.”
The cost of electricity is also rising. ConEd estimates that electric bills in New York City will increase to $116 a month. While PSEG LI hasn’t announced yet if bills will increase, according to NYSERDA, electricity costs have increased each year for New Yorkers statewide for the past three years.
How Solar Can Save You Money
When you install solar panels on your home, the panels capture the sun’s energy and turn it into electricity to power your home. During times when the sun is the strongest, like during the middle of the day, is also when you are usually using the least amount of energy. Through net metering, you can bank this extra energy to use later when your system isn’t as productive, like during the night or on cloudy days.
Because of net metering, many homeowners end up only paying a monthly fee of $14-20, which is the required grid connection fee. We estimate that over the course of your system’s 25-year lifetime, homeowners can save over $100,000 on electricity.
The cost of solar is also fixed. This means that once you install and pay for your system, the price of solar won’t increase. For $0 down, you can see savings on your bill from day one, helping you avoid increasing costs everywhere.
Rebates and Incentives Available
Now really is the best time to go solar. Not just because of rising costs, but because of the incentives available. Right now, homeowners can receive a 30% federal tax rebate the year after their installations, and a $5,000 rebate from New York State. Going solar can be expensive, but by combining offers, you can save up to 50% of initial costs.
Winter is coming, and solar can help you avoid high heating costs. Contact us to get started.