As part of its commitment to reduce carbon emissions and invest in 1,000 megawatts of new utility-scale solar energy by 2025, Salt River Project today announced investments in two new solar energy + battery storage plants. “In addition, these plants will get SRP more than 60 percent toward our goal of adding 1,000 megawatts of new utility-scale, solar energy to its system by the end of fiscal year 2025.”The projects were chosen as the result of an open “All-Source” solicitation for resources and will help serve SRP’s summer peak load. The short answer is yes, your power meter can spin backwards when you go solar. If this credit is bigger than your electric bill in a given month, the remaining credit rolls over to the next month as long as the account remains open.Much of the state of Texas falls under deregulated energy territories, which means you the consumer have the ability to choose from which Retail Electricity Provider (REP) you purchase your energy.When it comes to solar, a handful of REPs have implemented programs that allow you to spin your meter backwards from excess solar energy production.For example, with Green Mountain’s Renewable Rewards Buy-Back Program, the 2 year term at $0.116 per kWh will give you the best buy-back value for your excess solar production.Other power providers may require you to instantly consume any solar electricity produced by solar panels. The solar plants will also contribute to the SRP goal of adding 1,000 megawatts of new utility-scale, solar energy to its system by the end of fiscal year 2025 as well as SRP’s 2035 goal to reduce the amount of carbon emissions per megawatt-hour by more than 60 percent and by 90 percent in 2050.
Communication Manager, NextEra Energy Resources, LLC However, many REPs will pay you a rate based on their ‘avoided cost’ which is a lower rate than those mentioned above.For example, the Excess Generation Sell Back Program from Amigo Energy pays $0.04 per kWh for electricity returned to the grid. | A few suppliers, including Octopus, already offer to buy solar power from their customers. A set, guaranteed Solar Feed-in Tariff rate gives the solar system owner some sense of confidence regarding the returns they will receive from their solar power system as the years go on. In the evening and after the sun goes down your solar panels are no longer producing, so you use those credits that were generated earlier.At the end of each billing period your local utility provider pays you for net excess generation at the specific rate outlined in their buyback agreement. Payments are given to you via a credit on your monthly bill for that period, and excess credits can be carried forward to future bills.For example, this type of Net Metering is available to customers of CPS Energy in and around the metro San Antonio area.Plus, to encourage their customers to go solar, the Another common solar buyback scenario involves two separate electricity meters – A standard meter for measuring the power you consume from the grid, plus a second meter for measuring the solar power your panels generate and send into the grid.Instead of being issued a credit for the net difference at the end of the month (Scenario 1), 100% of the energy produced by your solar panels goes back into the grid, and your local utility provider pays you for this at a guaranteed rate each month.If that credit is larger than your bill in a given month, you essentially “spun the meter backwards.”This is the case in and around metro Austin where Austin Energy pays a “Value of Solar” (VoS) credit on the bill each month for every kilowatt-hour (kWh) of solar energy produced by the system. For example, with Green Mountain’s Renewable Rewards Buy-Back Program, the 2 year term at $0.116 per kWh will give you the best buy-back value for your excess solar production. SRP Media Relations can be reached 24/7 It’s not the best rate, but it’s better than nothing!Request a custom quote for your home, and download our free PDF guide to solar basics! Both plants are scheduled to be online by June 2023 and will be owned and operated by subsidiaries of NextEra Energy Resources, LLC.“We are pleased to help SRP serve its customers with more clean, affordable, renewable energy, combined with the flexibility of battery energy storage systems,” said Matt Handel, vice president of development for NextEra Energy Resources, the world’s largest generator of renewable energy. Solar PV Project Financing: Regulatory and Legislative Challenges for Third-Party PPA System Owners– Third-party owned solar arrays allow a developer to build and own a PV system on a customer’s property and sell the power back to the customer. Solar battery backup means you will have power when the grid is both up and down. How Our Demand Manager Works.