Why Pay More Next Year for the Same Old Dirty Power?

For years, energy companies have had us between a rock and a hard place because, often, the alternative to your local energy company is candles and wood-burning fireplaces. For this unfortunate reason, these legal monopolies can continue to raise their prices and there is little the average Joe can do about it. Like many energy companies around the country, Xcel Energy is planning a 2021 rate increase that will see residential bills increase by a whopping 6.65%. Why are you paying more for the same old power every year? Is there anything you can do about it?

Electricity Company’s Reasoning

There are two main reasons why electricity companies continue to raise their prices year after year. The first is the price of fuel used to create electricity continues to increase whether that is coal, natural gas, or one of the other means of fuel. These fuel sources are often heavily regulated and cause debates since they are polluting our air and contributing to climate change which makes them a double-edged sword.

The second reason electric companies raise your prices regularly is that they can. In the past, there has been no competition with only government regulations in place to prevent them from any serious price gouging. That was the past though, electricity companies have some competition now, and they don't like it. 

Solar Panels

Solar panels become more affordable every year, and they will continue to produce energy until the sun runs out in a few billion years. Solar panels have the potential to pay for themselves, and they will never surprise you with a high electricity bill out of nowhere. These panels won't create exponential amounts of pollution, and they won't increase your spending by 6% every year just for keeping your lights on. If you want clean power, that you own, saving you money every month, then give Andrew a call for a custom proposal for your home and electricity needs.