With Inflation Increasing, Oklahomans look to solar to save.
Inflation increase, higher gas prices, utility rate hikes: just as summer temperatures spike, the cost of living also continues to rise.
OG&E officials announced a 1.9% rate hike July 1 for thousands of Oklahoma residents as part of a $30 million settlement with the Oklahoma Corporation Commission. The move comes on top of increased gas prices, which have topped historical highs over the summer and currently average $4.40, which AAA reports as a $1.53 per gallon increase over the cost at this time last year. Overall, the nationwide cost of living rose more than 13%, with inflation factored in over the past year, according to federal statistics.
Electric bills for Oklahomans increase this month by an average of $2.07, with some homeowners reporting significantly higher amounts. Usage spikes, additional rate increases and surcharges from traditional utility providers are invariably on the horizon.
“We want Oklahomans to flourish and thrive,” said Solar Power of Oklahoma’s Director of Sales Bear McAfee. “Our customers see the reality of saving through solar.”
On average, houses with solar power increase their residential property value by at least $15,000.
“One of the advantages of having solar power as a home energy alternative is locking in a fixed price for your electric bill for your household budget month after month. It becomes a predictable expense,” said McAfee. “No matter what the local utility company ends up doing for its customers, ours know where they stand because they’ve calculated their own return on investment and settled on a fixed amount as part of their household budget.”
Financing options typically replace the amount of money dedicated to an electricity bill each month. SPO leverages network lenders for low-interest rates with approved credit, offering an alternative to traditional lenders like banks or credit unions for financing solar power systems. Credit scores of 640 or higher and without a recent history of bankruptcy typically qualify.
Cayden Ridgeway, SPO solar advisor, sees the savings firsthand. He works with customers directly to help determine if solar is a good fit for their individual needs.
“Over the cost of 25 or 30 years, what will your electric bill cost you? He explained that a home can accumulate over $200,000 or more throughout its life, but a solar system costs about $40,000. After you pay off the system, you don’t have to worry about continuing to pay an electric bill. Even while you do, you know the exact monthly cost with zero variation and no increases.
J.W. Peters, president of Solar Power of Oklahoma, recognizes short and long-term gains with solar.
Peters stated, “Our solar panels offer a 30-year warranty, resulting in $62,000+ lifetime savings and a self-paying ROI.”
Solar Power of Oklahoma has installed more than 2,000 systems since 2017. The company installs 66% of Oklahoma’s solar generation systems, surpassing all other solar companies combined. Skilled in-house crews streamline the process and deliver the outstanding service the company has come to be known for throughout the state. A Tulsa warehouse was added earlier this year and its Edmond showroom opened in May.
Read more about SPO’s commitment to exceeding expectations through teamwork and timely customer service.
“Solar power is an investment in your family’s future. McAfee stated that customers, regardless of household benefits, will pay a fixed monthly amount mainly benefiting the utility company. By selecting solar, families can reallocate funds through savings from unaffected predicted increases and the system’s cost after payoff.
After observing a 275% surge in system installations in 2021, Solar Power of Oklahoma hired additional employees to meet high consumer demand. McAfee credits more electric vehicle ownership and the need for low-cost charging options as contributing factors.
McAfee stated that drivers who purchase an electric car to bypass high gas prices acknowledge the subsequent impact of increased charging rates. We can assist customers in navigating the municipal permitting process, resolving logistical concerns, and offsetting the cost within 12 weeks.
SPO’s Go Solar OKC program offers additional savings through Sept. 30. The program seeks to install 100 residential systems in 100 days to further the use of solar power in Oklahoma City.
“We want homeowners to join the solar movement, especially as they look for ways to save. Utility rate hikes and inflation will continue to affect household budgets, but consumers can make another choice,” said Peters. “The average homeowner will save 12 to 15% off their system through the Go Solar OKC program. With federal tax credits available through 2022, the campaign period is an ideal time to invest in a sustainable alternative to traditional energy.”
Find out more at GoSolarOKC.com.