SRP and APS are Raising Rates….Again

On Tuesday March 28, 2023, SRP officials announced that the $5.60-per-month rate hike planned for November 2023 will not be sufficient to cover the utilities growing expenses. SRP approved doubling this increase planned for November 2023 to $11.20. This vote comes just a few months after SRP customers absorbed a similar $5.60 rate increase in November 2022. When combined, that’s nearly $18 more for SRP customers to absorb in the period of just one year. 

Read more about the SRP vote here: https://www.abc15.com/news/state/srp-customers-will-see-average-bill-increase-of-8-after-additional-rate-adjustments

At APS the picture looks eerily similar. In February 2023, APS asked regulators to approve an additional $460 million in annual revenue, which would amount to about $18 more per month for all 1.3 million captive APS ratepayers. APS is hoping to secure Arizona Corporate Commission approval this year, with the increase rolling out in December 2023.  

Read more about APS’ rate increase plan here: https://ktar.com/story/5430034/aps-boss-says-big-rate-hike-necessary-to-keep-up-with-customer-demand/

It's Also About Security and Peace of Mind

The planned rate hikes are painful all by themselves. But these increases are happening against a backdrop of an increasingly burdened electrical grid. Climate change and electric vehicles are driving demand for reliable and affordable electricity like never before. In Arizona, where temperatures can approach 120-degrees in the summer, having access to reliable electricity is simply a matter of life and death, especially for older and more vulnerable residents.

The Answer is Looking Up

In Arizona you can’t choose where you buy electricity. Traditional market competition doesn’t extend to power utilities here. But you can choose to make your own electricity by adding solar panels to your home, and thanks to home batteries like the Tesla Powerwall, you can store excess solar electricity for use in the evening hours or during a power outage. 

The sun is Arizona’s most abundant natural resource. Solar and batteries make the dream of a self-powered home a reality. Arizonan's don’t have to simply accept the next rate hike or fear a grid outage. Solar is the shield.

Act Now To Be Ready for Summer

Adding solar panels and batteries to your home is significantly more involved than adding a new air conditioner or upgrading your windows. It’s important to allow time for engineering, permits, as well as utility and city inspections. In addition, installation schedules fill quickly as the weather warms, further extending the timeline. If you wait until May or June to begin your solar journey, for example, there’s a good chance you’ll miss the window to knock out those summer bills. 

New Incentives Make Solar More Affordable than Ever

In August 2022, Congress passed the Inflation Reduction Act, which reinstated and extended the 30% solar tax credit. At the same time, Congress approved extending the 30% tax credit to home batteries, as well as solar panels. Arizona homeowners can also claim a $1,000 state of Arizona income tax credit. 

With more than 1/3 of the system cost covered by local and federal incentives, plus the certainty of rate hikes and an increasingly burdened electrical grid, it’s no wonder that solar is becoming more mainstream. 

Don’t miss out. Is your home ready?