SB-350 Through the lens of the Savers.

Electricity Rates Surge, Leaving Homeowners Struggling

In recent years, electric rates have surged to unprecedented levels, largely driven by inflation and policy changes such as California’s SB-350. This legislation, while designed to promote clean energy and reduce carbon emissions, has had the unintended consequence of significantly increasing costs for homeowners.

Many Californians, already burdened by inflation, are now grappling with skyrocketing electricity bills.

The cost increases aren’t merely a small adjustment; they’ve surged by over 30% in some regions, forcing families to make difficult choices between paying utility bills and covering other basic needs. SB-350, which requires utilities to procure 50% of their power from renewable sources by 2030, adds to the financial strain as utilities pass on the costs of new infrastructure and renewable energy projects to consumers.

Homeowners are in a tough spot—despite efforts to reduce consumption, many are still seeing their bills climb higher each month. This financial squeeze is particularly harsh on middle-class and lower-income households, who may not qualify for assistance but still struggle to manage the burden of higher costs.

It's clear that while the move toward renewable energy is critical for long-term sustainability, the immediate impact on homeowners’ wallets is severe. Without a solution to mitigate these rising costs, many may find it increasingly difficult to keep the lights on.