Why Now Is the Perfect Time to Install Solar Panels in Kentucky
Installing solar panels is a big decision. It’s smart to take your time weighing the pros and cons before investing in a home solar system. But you don’t want to wait too long, or you could miss out on major benefits.
Solar Net Metering May Be Changing in Kentucky
Net metering is a solar incentive system that allows you to export the excess solar electricity you generate to the electric grid in exchange for credits to your account. For years, Kentucky utilities were required to compensate solar customers at the full retail rate of electricity for the power they sent to the grid.
In 2021, state utility regulators implemented revised rates for Kentucky Power, LG&E, and KU. Under the revised rates, solar customers are still credited for the electricity they export to the grid, but not at the same one-to-one rate that was previously offered. The reduction is slight, but it creates uncertainty for the future of solar panel net metering in Kentucky.
If you want to lock in the best net metering rate, now is the time to install residential solar panels. You should be be grandfathered into your utility’s current net metering rate and won’t have to worry about future policy changes impacting your return on investment.
Electricity Rates are Rising Fast
Kentucky electricity rates are below the national average, but they’re still on the rise. At the start of 2024, Kentucky Power implemented a 5.66% residential electricity rate increase for its customers.
Most utility power is generated by burning fossil fuels, which means fuel costs directly impact electricity rates. With geopolitical tensions exacerbating fuel costs, electricity prices are rising for many Americans. At the same time, our electric grids are aging while demand for electricity is higher than ever. Utility companies are investing in efforts to modernize, but the cost of these upgrades is often passed on to consumers in the form of rate increases.
Installing solar panels protects you against rising electricity costs by locking in what you pay for power for the entire lifespan of your system (25-30+ years). With the threat of rate increases on the horizon, it makes sense to go solar sooner rather than later.
Storms & Blackouts Are Getting Worse
Over Memorial Day weekend, over 200,000 people in Kentucky were left without power after tornadoes ripped through the South and Midwest. As climate change progresses, extreme storms and weather like this are likely to happen more frequently.
With solar panels and battery backup, you can power your house with stored solar energy during an outage, ensuring your essential appliances and devices stay on. Unlike a generator, solar batteries recharge from your solar panels, so you don’t have to worry about fuel shortages or delivery issues during an emergency. It’s the best way to prepare for an uncertain future.
Experienced Solar Panel Installers in Northern Kentucky
Sustainergy Cooperative is a local, worker-owned solar installation company that specializes in custom solar power systems for Kentucky homes. Our solar power systems are designed to maximize your savings and return on investment while making your home more energy secure. Call us today to learn more about your options. We offer flexible financing and can help you take advantage of Kentucky solar incentives.
