In case you missed it, earlier this week PG&E announced intentions to file for chapter 11 bankruptcy protection.
Read the news article here.
In short: the reason is they expect their liability from the devastating California wildfires would be more than $30 billion.
This marks the second bankruptcy in less than 20 years for California’s largest electric utility company, and the second-largest investor-owned utility in the nation. PG&E also said it would not pay interest payments due on bonds maturing in 2040, which would trigger a default. This is now the third largest third largest investment-grade default since 1998.
It’s a major collapse of a massive utility company, and a frightening concern for homeowners who rely on PG&E for their power.
What Will Happen Next?
For homeowners, this likely means massive increases in the rates you pay for electricity. Utilities tend to pass on costs to consumers.
The last time this happened in 2001, homeowners saw $1300-1600 increases in annual energy costs, and have been paying those increases since then.
How Can You Avoid Being Hurt by PG&E’s Rate Increases?
If you’re a PG&E customer, then rate increases are coming. This is unavoidable.
It’s futile to fight against PG&E when it comes to increasing their rates. Utilities companies like PG&E have that baked into their business model. Generally, utilities have worked in the past to serve customers, but customers always bear the costs of unforeseen circumstances. This includes:
- Infrastructure breakdowns
- Utility rate instability
- Planned high-wind blackouts
…and, of course, bankruptcy.
The PG&E bankruptcy will leave over 16 million customers seeking alternatives.
The best solution is to switch from PG&E to solar power.
As the state’s biggest solar installer, we understand the challenges faced by households in California. We’d like to share how solar power can provide a better way:
- Rate Protection – Full protection guarantee from future electric utility rate increase for the next 20 years!
- No Blackouts – PG&E’s Planned high-wind blackouts have minimal impact on solar power customers.
- Energy Discounts – Receive rate reductions with Horizon Solar Power’s Discount Electricity Program.
- Free Electricity – 12 months of FREE electricity with your limited-time offer
- Easy Process – From planning & install to ongoing maintenance, our solar support team takes care of it all.
We’ve been helping PG&E customers reduce their monthly payments for several years, even before the devastating wildfires in California became national headlines.
If you’re a PG&E customer, don’t wait for your own rates to skyrocket; reach out to us today. We’ll show you how you can save money and skip the anxiety and stress of PG&E’s bankruptcy filing.
If you’d like to get updates on the latest about this PG&E bankruptcy and what customers can expect, sign up here: