The Georgia Public Service Commission unanimously voted in late 2019 to require Georgia Power to purchase excess solar energy at the retail rate for the duration of the month. This is what’s known as “monthly Net Energy Metering”. This is a significant change from the $0.03/kWh credit they used to offer, and not at the “full retail value” that they now provide. The program is not available to all rooftop solar customers, and this is a big problem.
Georgia Power’s previous method was to track the “instantaneous netting of energy” in order to determine the value of any solar power sent to their grid. Any solar power sent to Georgia Power was charged a wholesale rate, also known as “avoided costs”. The PSC order requiring monthly net energy meters now in effect will allow solar customers to be measured according to their overall monthly consumption/solar output — helping them to maximize the energy production of the systems. Residential systems are now often “paying for themselves” in 10 years or less.
What is “Monthly Net Energy Metering”, all about?
Your home or business is the first to use solar energy. The system can produce more energy than it is currently being used by your home or business. Any excess energy is sent to the grid for credit on your monthly utility bills. Net Energy Metering (NEM), which guarantees you a full retail credit for any instantaneous excess energy, allows you to receive the entire amount. You can pull energy from the grid at night or other times when your panels don’t produce enough energy. The credits you earn during excess energy production will be used to offset the price of the energy.
You will get the entire retail value of the electricity you produce as long as you don’t consume any excess solar energy. This can be done either directly from your solar panels or via credits from overproduction. Although rare, any excess “credits” do not roll over to your next monthly bill. Instead, they are credited at the lower wholesale rate or “avoided costs” rate. This rate was last set at $0.027/kWh.
Are there any restrictions on signing up?
Only the first 5,000 rooftop customers can sign up for this program. Georgia Power has about 1,800 subscribers to existing solar energy systems. We estimate that there will be a lot of demand for these slots, with only about 3,200 remaining and word spreading fast.
Who can participate?
Georgia Power is eligible for all residential, commercial, industrial, and agricultural customers. Residential customers must install systems not larger than 10kW per meter, and commercial/industrial customers are limited to 250kW. Solar Plus will help you assess your energy requirements and recommend the best system for your home.
Call Red Solar today and we’ll show you how simple it is to “Go Solar!” while the incentives remain strong!
This post was written by a professional at Red Solar. Red Solar was started with the mindset of renewable energy being the future. We want everyone to travel through this transition. We can all agree that solar is the best way to reduce your carbon footprint, but it’s not the only way. During a Red Solar energy evaluation, all energy commons in your home will be analyzed for results. Our expert technicians will guide you through the process for better understanding and reassurance. Looking for the best solar panel installation Vero Beach Fl? Then contact us for more information today!