When Silicon Valley Bank went under in March of 2023, many investors began looking for a safe place to invest their money. There is risk in all investments; market-based equities are at the mercy of the stock markets, real estate can go down in value, and putting money in a savings account at the local bank will only earn 1% interest.
Luckily, there’s an alternative investment option that provides more safety and independence despite a turbulent economy: solar power.
A Long-Term, Independent Energy Source
The typical residential solar array will give you a conservative 12% return on your dollar, and the power generated by solar is TAX-FREE income. This means that a solar array that costs $23,000 (after the tax credit) will generate $2,400 per YEAR in free energy.
We also know from real-world data out of Germany that modern solar panels will last at least 40 years, so the smart consumer is buying their electricity at today’s prices for the next 40 years.
Your solar will produce energy as long as the sun rises every morning, totally independent of global equity prices, interest rates, stock market collapse, natural disasters, etc. That’s something you can’t necessarily say about other types of investments.
Ever-Increasing Electricity Price Hikes
Tampa Electric (TECO) had an 11% rate hike in January of 2023, with another 10% rate hike in April of 2023. That’s a 21% increase in less than 6 months, not to mention a 62% total increase since 2019. With 30% to 40% of the electricity generated in the state of Florida coming from natural gas fired turbines, the price per kilowatt in your home is highly dependent upon the global price of natural gas. As natural gas prices increase, so will your electric bill.
There are only two ways to avoid these price hikes:
1. Stop using electricity.
2. Put solar on your roof and generate your OWN power.
Option 1 isn’t realistic for anyone, but option 2 is a long-term solution accessible to many, especially with the 30% tax credit and the breadth of zero-down financing options available.
If you own a business with a high TECO bill, you’re already feeling the effect of the January price hike. We predict that demand for solar will increase in the summer of 2023 as TECO customers all over Tampa Bay start to get summer bills that are 21% higher than just one year ago!
One thing you can have 100% certainty about: the price of a solar array on your home or business right now. If you get a loan to pay for your solar, that payment is FIXED and unchanging until the system is paid off. You’re buying solar at 2023 prices, but you’ll enjoy it for decades to come.
Once you pay off your system, you OWN your solar array, and it will produce power until 2050. How much will TECO charge in 2050? Do you really want to find out?
Peace of Mind Returns
There’s ZERO certainty about your TECO payment in the future. It might be $300 per month now, and $400 per month in just a few years.
With solar energy, you’re not only investing in clean, renewable energy that you own – you’re also investing in certainty and peace of mind for today, tomorrow, and years down the line. That’s something you can’t get from the grid due to the volatile nature of natural gas prices and subsequent electric company price hikes.
If you’re ready to stop your increasing energy bills in their tracks and install a system that will allow you to generate your own energy from the sun, reach out to Tampa Bay Solar. We’ve helped countless Central Florida residents and business owners claim their energy independence, and we’re ready to help you, too.