How much will energy costs rise?
We can’t predict the future, but based on recent trends it could be a lot. For example, rates for Iowa Power and Light’s (IPL) commercial customers have risen by an average of 3.7% per year over the past decade (see figure below), which is similar to trends for other regional utilities. Given these increases, businesses should prepare to pay up to 50% more for electricity within 10 years, and for costs to double within 20 years.
The good news is that as utility rates rise, so do the savings from solar PV! Solar PV can insulate businesses from rising energy costs and provide a growing rate of return. Best of all, the panels, racking, and inverters are all warranted for 25 years, so investing in solar energy today will provide your business with savings for decades to come.
Solar PV not only makes good business sense, it makes sense for the planet, too. In addition to being a good financial investment, solar energy ensures cleaner air and a healthier environment by preventing harmful emissions from fossil fuel burning power plants. Investing in solar PV also supports the growing solar energy industry in Iowa and across the US, strengthening the local and national economy and ensuring a bright, healthy, and prosperous future for all.