green mountain energy paying retail rates
Net Metering is the term which describes your utility giving you a credit when you send extra electricity generated back into the grid. Green Mountain Energy based out of Austin, Texas is an environmentally friendly electric utility that focuses on generating electricity through renewable energy such as solar and wind power. Today the company announced they will be buying electricity generated from a customer’s solar panel rooftop at retail rates.
This means customers receive a credit equal to the amount they buy electricity for per kWh (kilowatt-hour) up to 500 kWh. A customer will receive half the retail rate on any electricity contributed into the grid over 500 kWh.
New electric meters that have increased functionality can measure both inflow and outflow at any give time of a building which allows electric utilities to pay solar customers a rate closer to the wholesale price of electricity. A couple customers have already signed up for the pilot program, do you think programs like this will encourage more people to install solar panels?