Based on energy.gov residential electric rates in the U.S. are on track to rise 6.1% for 2022. In Texas natural gas generation is the predominant factor affecting the price of Texas electricity.
Generation of natural gas is expected to decline starting in 2022 because of a slowing economy causing there to be less demand for electricity generation.
Electricity prices may not see a price decrease that puts us back into cheaper rates until 2023 based on U.S. government forecasts.
The rise in electricity prices has allowed solar salespeople to come into residential neighborhoods and pitch the feature of locking in your energy price using solar.
There is a long-term loan attached to solar, but the price of electricity can be calculated into a fixed energy cost that one can compare with what residential electricity rates are at now.
If the price difference is big enough many homeowners have bought a financed solar system and utilized the government incentives and rebates to offset the Texas electricity price increases.
Donny has been writing about the deregulated energy markets since early 2007. His knowledge has helped consumers lower their electricity cost.