LIPA recently announced a transition to new Time-of-Day (TOD) electric rates starting in 2024. This rate structure aims to better align electric costs with periods of high demand through higher peak pricing from 3-7 p.m. on weekdays.
For many Long Island households, using substantial electricity in the afternoons/evenings when kids are home and families prepare dinner could overlap with these new elevated peak rates. This could potentially lead to higher utility bills during already busy times of the day.
Challenges of Utility Rate Unpredictability
Utility rate increases tend to be unpredictable, making household budgeting difficult when electricity costs routinely fluctuate. Sustained higher peak pricing could further strain finances over time for many homes.
The good news is steps can be taken to mitigate the effects of these rate changes. Solar power provides long-term stability and savings by locking in lower electricity rates for decades. Solar PV systems with west-facing orientation will generate more energy during peak afternoon hours when LIPA electricity rates peak, compared to systems with other pitch and direction configurations.
GreenLogic solar experts can help determine the right system design and size to offset your peak usage. While LIPA states most customers won't see major impacts, households using more electricity in the evenings are still vulnerable.
Take control of your home's energy costs for years to come. Contact GreenLogic to learn more about solar options that can provide savings stability in light of LIPA's upcoming rate changes. Investing now means certainty for your household budget.
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