As global climate change progresses and extreme weather becomes more widespread, this higher demand will likely drive electricity prices higher. Extreme temperatures can drive up the demand for electricity, as more energy is needed for heating and cooling, among other operations.While gas-generated electricity is cheap now, many expect the price to rise once export terminals for liquified natural gas (LNG) are completedВ and AmericaвЂ™s natural gas supply is exposed to international markets вЂ“ Europe and Japan, for example, currently pay significantly more for natural gas than the US. Natural gas prices have fallen in recent years thanks to the вЂfrackingвЂ™ boom,В bolstering the prominence of natural gas in the American electricity generation mix.However, there are a number of very good reasons why it is unlikely that residentialВ electricity rates will fall in the future. And itвЂ™s true that just because electricity prices have been going up does not mean that they will continue to do so. вЂњThe past is no predictor of the futureвЂќ, you might argue. This may not sound like much, but these numbers add up over time: if your home uses about 500kWh of electricity per month, by the end of this 10-year period, you will have paid significantly more for your electricity than if rates had stayed at their 2009 levels.Д¬ould electricity price fall in the future? Highly unlikely During this period, US residential electricity prices rose by about 15%. This graph, from the Energy Information Administration (EIA), shows the increase in average residential electricity prices as a percentage between 2009 and present. According to the Energy Information Administration, residential electricity rates have increased nationally by around 15% in the last 10 years (an increase of a little more thanВ 0.2Вў/year). Utility residential electricity prices have risen steadily in the last decade. How have electricity prices changed in the past 10 years? EnergySage can help you do this: Start by getting an instant estimateВ and then compare installers and financing choices on our Solar Marketplace. If youвЂ™re thinking about going solar, make sure you know all of your options before you make a decision.This means that in some years your power bills mayВ actually be higher with solar than without, although you will still save money in the long term. If you finance your solar energy system with a solar lease or power purchase agreement (PPA), you will pay a set rate for your solar electricity regardless of whether your utility electricity rates go up or down.If you purchase your system with a solar loan, you could start saving money from the first day that your systemВ produces power. If you purchase a solar energy system for your home, all of the solar electricity that your system produces will be вЂfreeвЂ™ once the system has paid itself off (which will take approximately 5-10 years, depending on where you live).Installing a solar energy system can help you insulate yourself against these fluctuations. Electricity prices fluctuate annually, seasonally and monthly.Some areas of the country have witnessed sharper price increases than others: For example, electricity rates in OregonВ have increased by about 40 percentВ over the past 10 years, while theyвЂ™ve hardly changed at all in Florida.This trend is unlikely toВ be disrupted in the future: natural gas prices are only likely to increase, and as they do electricity rates will rise.Retail residential electricity rates (the amount you pay per kilowatt-hour, or Вў/kWh)В have risenВ across the nation about 15% over the last 10 years.Key takeaways: are electricity prices trending up or down? Would it still be worth it for you to go solar? This article seeks to address this question and put to rest any idea that grid electricity rates could be going down. вЂњWhat if utility electricity rates go down instead of up?вЂќ you might be asking yourself. As youвЂ™re probably aware, however, utility electricity rates fluctuate seasonally and annually. Rooftop solar panels are now more affordable and accessible than ever.В This is why more and more households are having solar energy systemsВ installed: going solar is a great way to reduce your power bills.Д«ut what about the future cost of grid electricity? If electricity rates are going up, then of course going solar makes sense. What you should know about solar energy: costs are going downДЄs for solar, it is clear that costs are coming down. Going solar makes economic sense when solar electricity costs less than grid electricity. If youвЂ™re considering whether going solar is a worthwhile financial move for your home, there are essentially two factors that you should look at: 1) the costs associated with solar power, and 2) the rates you pay for electricity from your utility.

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