It’s been less than a month since California ratified its highly anticipated SB 700, and already the solar energy storage market is seeing a lively response.
Jerry Brown Signs SB700 – California aims to be entirely green powered by 2045.
The bill, proposed by Senator Scott Wiener (D-San Francisco), extends the state’s Self Generation Incentive Program (SGIP) by an additional five years to 2025, paying rebates to customers for installing energy storage systems, just as California once did for solar panels.
“We are one step closer to meeting our aggressive renewable energy goals,” said Senator Wiener about the bill. “By expanding our use of energy storage we will be able to use solar power every hour of the day, not just when the sun is shining.
The California Solar and Storage Associate (CALSSA) estimates the passing of SB 700 will provide up to $800 million in additional incentives for batteries and other forms of energy storage.
What that means for customers investing in solar energy storage is that their local energy companies will cut them checks for the energy they manage to store. The program is technology neutral so as to not pick winners and losers, and it is designed to lower over time to help drive down prices to the point where incentives are no longer needed.
Renewable energy storage technologies range in price and are able to store more than enough excess power to keep a house functioning and EV charging when the sun isn’t shining.
The current rebates offered by California’s largest energy companies are as follows:
|Small Residential Storage||Step 5||Step 4||Step 3||Step 4|
|Residential Storage Equity||Step 3||Step 3||Step 3||Step 3|
|Energy Storage <= 10kW**||$0.40/Wh||$0.45/Wh||$0.45/Wh||$0.35/Wh|
|Energy Storage > 10kW + ITC**||$0.30/Wh||$0.35/Wh||$0.35/Wh||$0.25/Wh|
The new funding for SB 700 will be made effective January 1, 2019. The CPUC is expected to implement the extended program and make changes to the rebate structure by late next year, to keep the market’s running smoothly.
To learn which renewable energy solutions would be best for your situation visit gogreensolar.com or call (866) 798-4435 to speak with a solar expert.