As we step into 2024, the much-anticipated increase in electricity costs has unfolded across BC. Effective January 1, 2024, FortisBC implemented a 6.74% hike in electricity rates. As explained by Fortis BC, this staggering increase is attributed to the higher demand for efficiently delivering electricity to our Okanagan homes, covering the costs of acquiring or generating electricity and maintaining power lines, substations, and poles.
Its quite evident at this stage that electricity prices in the Okanagan and BC are not decreasing. It is also evident that the use of solar has taken a large spike with the continuous rise of electricity prices. With the ongoing grants and loans, Canada is giving a helping hand to push and encourage as many home owners and businesses possible to go solar!
Now more than ever is the best time to go solar and here’s why:
1. Cost savings: By installing solar panels, you can generate your own electricity and reduce your reliance on the grid. Your beautiful Kelowna home will increase 4.1% average in value!
2. Energy independence: Solar power allows you to become more self-sufficient and less dependent on utility companies such as Fortis BC for Kelowna residents, or for those in West Kelowna, BC Hydro. This is especially important during power outages or emergencies when the grid may be unreliable.
3. Environmental impact: Solar energy is a clean and renewable source of power. By going solar, you can reduce your carbon footprint and contribute to the fight against climate change.
4. Government incentives: The government of BC offers various incentives and rebates to encourage the adoption of solar energy. These incentives can help offset the initial installation costs and make solar more affordable. **BE AWARE, the Canada Greener Homes Grant program is set to expire in March of 2024! Okanagan residents, whether you live in Kelowna, Penticton, Enderby, Peachland, Vernon or Lake Country, it’s time to apply!!
5. Long-term investment: Installing solar panels is a long-term investment that can increase the value of your property. It can also provide a reliable source of electricity for many years, potentially saving you money in the long run. Studies have shown that the average value of your beautiful Kelowna home will increase by 4.1%!
Looking ahead, the trend of escalating electricity rates appears to be a growing reality. As we navigate through this landscape, exploring sustainable energy alternatives, particularly solar power, becomes not just a choice but a strategic move towards a more resilient and cost-effective energy future! Contact us today at info@solosenergy or (250) 258 8344 and get a free quote!
