Heco’s New Rate Scheme Could Increase Your Electric Bill, Unless You Do This.
Tyson Hunter
Published April 15th, 2024
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A new rate scheme for Hawaiian Electric’s rooftop solar customers will take effect this spring.
Industry experts are dismayed by this change, which could fundamentally alter the local energy landscape and homeowners with rooftop solar.
However, by understanding and adapting to this change, customers can take control of their energy usage and mitigate these increases.
Here's What We'll Discuss
The Problem With Heco's Rate Changes.
Heco is lowering its payout amount when a homeowner puts energy back onto the grid.
That means it may become more cost-effective for new customers to use all the power they produce rather than sell it back to the grid.
The new tariff structure, the Smart DER Tariff, will be the only available underlying DER tariff for new customers starting in April 2024. See the new structure below:
The Impact For Hawaii Homeowners with Solar.
The impact of this change could be significant for our islands. About 37% of single-family homes served by Hawaiian Electric have rooftop solar panels.
That's a lot of Hawaiian homeowners that could be receiving higher electric bills because of the smaller payouts.
This change will not only hurt homeowner’s wallets, but it will remove incentives for state-wide sustainable energy. Industry experts estimate that it will drop new rooftop solar grid interconnections could drop by 50% (see reference).
What You Can Do.
So, what can Hawaiians do to keep their electric bills down amidst these changes? One potential solution is to invest in Battery Banks like the Tesla Powerwall to become energy-independent.
These devices store solar energy produced during the day for use during peak hours or when the sun isn’t shining.
By storing and using your own solar power, you can reduce your reliance on the grid entirely and potentially lower your electric bill.
While the new rate scheme may pose challenges, it also presents an opportunity for Hawaiians to explore new ways to maximize their solar investment.
By taking proactive steps, such as investing in battery storage, residents can continue to enjoy the benefits of solar power and keep their electric bills in check.
Remember, change is inevitable, but how we adapt to it is within our control. Let’s embrace these changes and continue to strive for a sustainable and energy-efficient Hawaii.
Become an Solar Energy Independent Homeowner.
Don’t let the new rate scheme increase your electric bill. Contact us today about upgrading your system.
Our team of experts can help you navigate these changes and find the best solution for your needs.
Whether it’s installing a Tesla Powerwall or optimizing your current system, we’re here to help you make the most of your solar investment.
Don’t wait for your electric bill to rise. Take action now and secure your energy future. Contact us today!
Oceanic Home Solar, LLC
94-148 Leowaena st. Unit R
Waipahu, Hawaii, 96797
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+1 808-201-5354
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