Having “Price Security” means controlling what you pay for your electricity. The amount you spend on electricity depends on how much you use and the cost per kilowatt-hour (kWh). The price of electricity is driven by the costs to produce that electricity. If you depend 100% on the electric utility for your electricity your electricity bill increases as the price per kWh increases.
Reviewing your monthly utility bill will tell you much electricity you use and how much it cost. These costs can and regularly do go up over time. With the limited price security in fossil fuels, as they become more expensive, electricity rates in Rhode Island rise.
In our payback analyses, we estimate electricity costs increasing about 3.0% per year. Many energy experts agree that this is a conservative estimate; over the last 10 years, electricity costs have gone up about 5% per year.
With Rhode Island having one of the highest costs of electricity in the US, producing your electricity using the abundant and free power of the sun is a powerful investment for you and gives you ongoing energy price security, and stability.