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The clock is ticking! Monetary benefits of solar are going away soon with the new Net Metering 3.0 laws. By signing a solar contract before the deadline you will be locked into the best pricing before the summer utility rate hikes. Read below to learn more about the Net Metering 3.0 laws that go into effect April 13th 2023. Applications must be submitted no later than April 1st, 2023!
With rising energy costs in California, there’s never been a better time to go solar. Investing in renewable energy may reduce your utility bills, increase your property value, and protect your budget against rising electricity costs. While exciting, the idea of overhauling your home’s energy system can also feel a bit daunting. Working with a trusted partner, like us, throughout the process can make all the difference.
Solar panels are a major home upgrade because they may drastically lower your monthly electricity bill.
Homeowners may qualify for the 26% Federal Tax Credit for going solar. Local and State rebates may also be available.
A study conducted by National Renewable Energy Laboratory (NREL) concluded that homes with solar panels sell 20% faster and for 17% more money.
Solar panels help combat greenhouse gas emissions & reduce our collective dependence on fossil fuel.
Net metering 3.0 is a change to the policy in California that allows customers with solar panels to receive credit for the excess electricity they generate and send back to the grid. This policy is an updated version of the previous net metering policy and includes a few key changes. One of the main differences is that under net metering 3.0, customers will be compensated at the wholesale rate for their excess electricity, rather than the retail rate. On average before this law takes effect you would receive around $.85 per excess kilowatt your system produces and the new rate will be around $.25 per kilowatt generated. Essentially, this does not benefit homeowners going solar and will make it difficult for solar panels alone to reduce your power bill.
Additionally, net metering 3.0 includes a “time-of-use” (TOU) rate structure, which means that the rate customers are compensated at will vary depending on the time of day and the demand for electricity. This is intended to better align customer incentives with the state’s goal of reducing peak electricity demand.
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