What happens when electric rates skyrocket? I guess uncle Joe will just hand out more government subsidies or price controls. So, the whole country can end up can sitting in the dark.
“What happens when electric rates skyrocket?”
Like gas prices!
This will surely happen, and it’s why I bought solar panels for my roof, which offset 75%. of my electric bill. In Virginia, the governor (Coonman) pushed a law which mandates that all power used in the state come from renewable sources by 2045. The law includes benchmarks which have already lead to the closure of two coal powered plants. More will soon follow. Originally, the bill’s sponsors claimed that electric rates would rise only 3% per year. Now that the law has passed, that estimate jumped to 6%. The truth is that no will ever tell the public what the real cost of these Green Programs will be, but they will be much more than we hear now.
I was surprised by how quickly I will recover the cost of my system. With the 26% tax credit, 75% offset, 6% yearly rate increases, and SRECs, the system pays for itself in 8 to 9 years. An important tip: avoid solar panel financing like you would the Ebola. All of the hidden charges make the actual interest rate close to Cash for Car Title territory, and not the deceptive 2% advertised.