News
What challenges make installing a heat pump difficult in California?
The push for reducing carbon emissions has received strong support from the nation’s electric utilities. According to the Smart Electric Power Alliance, 80% of U.S. electricity customers are served by a utility with a 100% carbon reduction target. Utility executives have been highlighting their sustainability plans at major events like the U.N. Climate Conference and Davos.
Despite this commitment to sustainable practices, why is it still so challenging to install a climate-friendly heat pump?
Heat pumps, known for their efficiency in heating and cooling by transferring warm or cold air in and out of a home, have been proven to significantly reduce consumer heating costs and cut greenhouse gas emissions by up to 50%. With the increasing focus on sustainability, more homeowners are looking to switch from gas-fired furnaces to electric heat pumps.
As a resident of the Bay Area who recently embarked on a home remodel project, I discovered the complexities involved in installing a heat pump. Despite the availability of local, state, and federal incentives, navigating through red tape, misinformed customer service representatives, and tedious paperwork became a major hurdle.
The Biden administration’s announcement of $63 million in funding to accelerate the domestic manufacturing of heat pumps underscores the importance of clean energy solutions. Additionally, federal tax credits, local utility programs, and rebates further incentivize consumers to make the switch to heat pumps.
While the prospect of long-term energy savings and increased efficiency motivated me to invest in a heat pump, the process of claiming rebates proved to be a frustrating experience. From encountering uninformed representatives to submitting unnecessary documentation, the obstacles in accessing incentives highlighted the need for streamlining these programs.
Despite these challenges, the successful installation of my heat pump has demonstrated its effectiveness in providing comfortable heating and cooling for my home. The system’s performance and energy efficiency have exceeded my expectations, making it a worthwhile investment.
Looking ahead, there is a significant opportunity for utilities to improve the accessibility and efficiency of rebate programs to encourage more consumers to adopt clean energy technologies. By addressing bureaucratic hurdles and enhancing customer experience, utilities can play a pivotal role in advancing sustainability goals.
As we navigate the transition towards cleaner energy alternatives, it is essential for utilities to prioritize consumer education and streamline the process of claiming incentives. By fostering a more seamless experience for homeowners, we can accelerate the adoption of heat pumps and other sustainable technologies.
Ultimately, the success of transitioning to climate-friendly solutions hinges on overcoming barriers and empowering consumers to make informed choices for a greener future.
Andrew Heath is the vice president of utilities intelligence at J.D. Power.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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