Fluctuating energy rates have a big impact on the financial lives of homeowners in New Hampshire. It’s important to keep track of New Hampshire electric rates so you can manage finances and look for opportunities to save energy and money. Luckily, we have a guide for you to stay updated on current electricity rates, and a major tip on the investment that can offset your bills: solar energy.
New Hampshire’s Energy Rates Have Increased
Electricity prices have been rising steadily over the past few years in New Hampshire and many other states. This trend might be influenced by a number of variables, including an increase in electricity demand, an aging infrastructure, and rising renewable energy costs. Here are some details on why energy prices might trend upwards:
- Supply and demand. Market forces can cause energy prices to change based on supply and demand. Energy expenses will probably rise if the cost of energy production rises.
- Government regulations. Energy prices may also be impacted by governmental actions. Taxesand regulations can change the production and distribution cost of energy.
- Infrastructure repairs. Power plants and transmission lines, for example,need updates and fixes from time to time. Higher energy rates can result to offset those costs.
- The transition to renewable energy. Renewable energy like solar is becoming cheaper over time, but the upfront cost is still high. Due to the cost of switching to renewable energy sources, some utilities may boost their rates.
Current Residential New Hampshire Electric Rates in 2023
The current New Hampshire electric rates depend on which residential supplier you use. Here’s a breakdown of each utility service and what their current prices are.
Eversource
The current price per kWh is $0.20221 from February through July 2023.
Liberty
The current price per kWh is $0.22007 from February through July 2023.
NHEC
The current price per kWh is $0.13783 on a basic rate schedule.
Unitil
The current price per kWh is $0.25925 from December 2022 through July 2023.
How To Save Money Despite Rising Rates
Since you can’t change New Hampshire electric rates, how can you save money on your electric bills?
One way you can do it is by following home energy-saving tips like using efficient appliances, changing your energy usage habits, optimizing your thermostat, and more.
However, there’s only so much you can do when it comes to the small stuff. One of the best ways to shield yourself from spiking energy prices is by going solar.
Solar panels use a free and renewable resource, the sun’s rays, to power your home. This means that if you’ve got adequate sun exposure and you don’t have solar, you could be missing out on an abundant source of FREE energy.
How Solar Energy Saves Homeowners Money
Homeowners can save money with solar electricity in a number of ways:
Smaller Energy Bills
Homeowners can generate their own electricity and lessen their reliance on the grid by putting solar panels on their property. This can lead to greatly reduced energy costs, particularly if the system is built to supply all or nearly all of the household’s energy requirements.
If you want a general idea of what sized solar energy system you’ll need to offset your bills to your ideal extent, check out our solar calculator.
Tax Incentives
Homeowners that install solar power systems are eligible for tax benefits from the federal government and several state governments. These financial incentives, which can dramatically lower the upfront cost of installing a solar power system, can take the form of rebates, tax credits, and other financial benefits.
The major incentive associated with solar is the Federal Solar Tax Credit. You can claim this on your income taxes if you paid for and installed a solar panel system in the U.S. If you carry out a solar panel installation between now (2023) and 2032, you may be eligible for a 30% tax credit, the highest available.
The government is encouraging homeowners to pursue renewable energy with these tax credits, and they can be a major help with the high upfront cost of installation. Because of this, you can save money and get right on track for a return on your investment and monthly energy savings.
Net Metering
Net metering, which enables homeowners with solarto resell extra energyto the grid, is available in many regions. Any excess electricity your solar panels produce that you don’t usecan be fedinto the grid and become a credit on your account. When solar panels are not producing enough electricity, such as at night or on a gloomy day, you can use that creditto offset energy costs.
Higher Property Value
Buyers are more interested in solar-powered homes because of the potential for energy savings. Solar-poweredhomes canfetch higher prices than non-solar-powered homes. This implies that homeowners who put in solar energy systems can get a return on their investmentwhen they sell their houses.
All of these factors and more are reasons homeowners are switching to solar to shield themselves from climbing New Hampshire energy rates.
Get Started With Solar Energy Today
It’s one thing to decide you want to go solar and put panels on your roof. It’s another thing to find the right company for the job. There are so many out there, and it’s crucial to find one that has your best interests at heart.
At Energy Shield of New Hampshire, we’ve been creating energy-efficient homes for over four decades and counting. We believe in long and strong relationships with our clients, beautifying and optimizing their homes. We offer many resources on solar energy and encourage you to take a look. Contact us today if you have any questions or would like a FREE solar consultation!
