What You Need to Know About Net Energy Metering (NEM)
Net metering is set to end in February 2016 or soon after. You will need to have your system installed before 5% of Californian’s place solar panels on their roof.
Net energy metering, or “NEM” is a billing arrangement that provided credit to consumers with solar systems for the full retail value of the electricity their system generates. You know the term, when your meter spins backwards? NEM (the customer’s electric meter) keeps track of how much electricity is consumed by the customer, and how much goes back to the electric company over the utility grid. The excess electricity flows back to the grid for use by other customers. The solar customer is credited for the electricity at the same price paid for electricity drawn from the grid. Over 12 months, the customer pays only for the net amount of electricity used from the utility that is over, and above the amount generated by the solar system – in addition to the meter fees.
Good News For Current NEM Customers
If you’re a current solar customer with NEM, you’re in great shape. You will be “grandfathered” under the current NEM policy, receiving full credit for electricity you export to the grid for 20 years from the date your system is interconnected and you will not be impacted by the outcome of the NEM 2.0 policy.
What does this mean?
Net metering is set to end in or soon after February 2016. You need to have a system installed before 5% of California households install solar on their roof tops.
To find out how to keep the savings in your pocket for the next 20 years contact SunPower by Hooked on Solar today.