NORTH BROWARD & BOCA Blog

How to Overcome Rising Energy Prices with Home Insulation

As the cost of energy continues to rise, homeowners are looking for ways to save money and reduce their energy consumption. One of the most effective ways to do this is to improve the insulation of your home. Home insulation not only helps to keep your home cooler in the summer, but it also helps to reduce energy consumption, thereby reducing your energy bills. And with the announcement of an increase in electricity bills starting in April 2023 to cover the costs of hurricane damage, it is even more important to take steps now to reduce your energy costs.

In order to maximize the energy savings of installing home insulation, it is important to choose the right type of insulation for your home. Different types of insulation have different R-values, which measure the level of thermal resistance of the material. The higher the R-value, the better the insulation. There are a variety of insulation materials available, including fiberglass, cellulose, and foam. It is important to select the right insulation for your specific climate and home type in order to get the most benefit.

FPL measures to counteract hurricane damage this April 2023

Florida Power & Light Company has filed a proposal with the Florida Public Service Commission (PSC) to adjust customer rates beginning in April to recover costs associated with two hurricane restorations and the volatility of natural gas prices during 2022.?The plan, which must be approved by the PSC, seeks to balance these unrecovered fuel and storm costs from 2022 and a recent decline in projected 2023 fuel costs to minimize the impact on customer bills.?

Response to 2022 Hurricanes

Florida was hit by two hurricanes in 2022, including Hurricane Ian, one of the most powerful storms ever to make landfall in the United States. FPL restored power safely and quickly after each storm and is now seeking to recover those costs through a temporary surcharge on customer bills over a 12-month period beginning in April, subject to PSC review and approval of expenses incurred. Recovering these costs over one year rather than a longer time period reduces the risk of storm costs piling up on customer bills if there are additional hurricanes or severe weather events in 2023.

Volatile fuel prices

The price of fuels that utilities use to generate electricity?is?up across the globe. In 2022, the price of natural gas – which FPL uses to fuel much of its generating fleet – reached its highest point since 2008. As a result, fuel costs were significantly higher than projected when FPL set its rates for 2022. FPL is proposing to recover these additional fuel costs over a 21-month period to reduce the impact on customer bills. Partially offsetting these higher fuel costs, FPL plans to decrease its projected 2023 fuel factor by about $1 billion during the final nine months of this year due to a sharp drop in projected natural gas prices after 2023 projections were filed with the PSC in the third quarter of 2022.?

What you can do now!

By investing in home insulation now, you can reduce your energy costs and be better prepared to face the increase in electricity bills starting in April 2023. Koala Insulation of North Broward and Boca can help you get the most out of your insulation installation, and make your home more energy efficient. Don’t wait until the increase in electricity bills comes into effect – take steps now to reduce your energy costs and make your home more comfortable. When installing insulation, it is important to make sure that it is installed properly. If the insulation is not installed correctly, it can greatly reduce its efficiency. Professional insulation installers will ensure that the insulation is installed correctly, so that it can provide the best energy savings.

If you are looking for a professional insulation installer in North Broward and Boca, Koala Insulation is the perfect choice. They specialize in installing top quality insulation in homes, and they have years of experience in the industry. Their experienced technicians are highly skilled and knowledgeable, and they will make sure that your home is properly insulated. They also provide a variety of other services, such as air sealing, vapor barriers, and duct sealing, to make your home more energy efficient.

Find more information on the proposed bill adjustments for April 2023 on FPL’s website: https://www.fpl.com/rates/2023-bills.html
 

Call your local Koala Insulation of North Broward and Boca today to find out which type of insulation is best for your home with our complimentary insulation evaluation, take the right steps towards a more energy-efficient home today!