According to the Bureau of Labor Statistics, energy costs have the biggest impact on consumer prices, outstripping every other related expense.
That’s largely due to the high prices associated with the fossil fuels used to create electricity and fuel. Fortunately, there’s a way to get around some of these ever-increasing costs.
Here’s how spending your money on an alternative energy investment can benefit you for years to come.
What Are Your Options for Alternative Sustainable Energy?
Alternative energy sources rely on renewable energy provided by nature itself. That means they’re not affected by the usual supply and demand price increases associated with fossil fuels.
Apart from the infrastructure needed to channel them, these power sources are free to use forevermore.
There are three main types of sustainable energy leading the way, today:
- Solar Energy
- Wind energy
- Water energy
As these sectors grow and thrive, the cost of installing them is coming down, aided by cheaper and more efficient technologies. This makes them accessible to increasing numbers of consumers, driving prices down even further.
So, should you wait to invest in this type of energy? Absolutely not.
The Most Cost-Effective Energy Investment
When you invest in alternative energy, you’ll start to save money right away. Frequently, these savings could far outstrip the benefits of waiting for prices to come down.
Most months, you can offset 100% of your electricity bill by going solar. That’s thanks to a variety of customized solar power packages and offerings.
Off-grid solar offers the greatest savings by eliminating your electricity bill. Options like solar leases and net metering can help cut costs considerably.
Wind energy is one of the cheapest ways to generate electricity, costing only a couple of cents per kilowatt-hour. It’s one of the most widespread large-scale means of power generation across the country.
Unfortunately, when you rely on this type of power generation, you need an abundance of wind if you want to save.
For this reason, most wind farms occupy open areas where the breezes blow almost non-stop. They aren’t commonly used for residential installations.
If you live in an area where electricity costs are still affordable, there’s a chance you’re already hooked up to hydropower.
Hydropower generators are more efficient than all other alternative sources. They can produce electricity for less than one cent per kilowatt-hour.
Unfortunately, the high cost of maintaining this equipment means you’ll pay a lot more than that for your residential electricity.
It’s also inaccessible as a means of generating your power at home, requiring vast dams and sophisticated equipment.
The Way Forward to a Greener, More Affordable Future
Fortunately, as more power companies make the switch to renewable energy, we can look forward to costs decreasing in years to come.
Right now, alternative energy investment in solar can also add enormous value to your life. You won’t experience the inconveniences of grid power outages, and they can increase the value of your home.
Would you like to discover more ways to enhance your home’s value? Explore our website for extra enlightenment.