How Much Will My Electric Bill Go Down by Using Solar Panels?

What Happens With The Excess Solar Produced By Your Solar Energy System?


However, it is possible to minimize the cost of your electric bill to its minimum payment, which can be anywhere from $9 to $18. This amount represents the value or cost to be connected to the electricity grid. Power provider companies normally Charge a fee to be interconnected; like a solar independent, the mentioned fee normally is to provide Billing Services, grid maintenance, and monitoring your electric power needs. If your system does not have backup or batteries, you still depend on the electric grid.

After switching to solar, you could save over $180 a month on your electric bill. This amount will likely increase as the cost of electricity goes up due to inflation; every electrical provider had a different fee for the service of solar interconnection or net metering.

So you’ve gone ahead and taken the leap: You’ve installed solar panels in your home or office. You are feeling good about this decision – you are pulling in eco-friendly, renewable energy; the panels were cost-effective. The installation was seamless; you are confident that you will be saving money in energy costs year after year. However, you might not have known about it: you can sell your solar power back to a utility company. That is right – for well-informed consumers, solar energy can both save and earn all simultaneously. How is that for multitasking?

If you generate more power from your solar panels than you are using in your home or business, many electric companies will apply a credit to your monthly bill. Depending on the month, it will influence how much does the electric company pays for solar power. For example, in November 2018, the true-up rate is $ .10 (0.01 cents), a kilowatt. For every kilowatt you sell back to DUKE, they will credit your account.10 cents a kilowatt. If you were to sell 100 kilowatts of solar power back to the electric company, they would credit your upcoming bill 10 dollars!

Of course, it is not quite as easy as receiving a big check from your utility company every month for the solar power you do not use. There are a few different guidelines and things to note, especially depending on where you reside. Being said that, net metering can be a bonus to what is already a worthwhile investment, so let us look at how to make your solar panels work for you even further.

Electrical production Purchase from your provider

What are Duke Energy's solar interconnection policies and costs?

Interconnection is the process of physically connecting a generating facility (renewable energy source) to Duke Energy’s electric power system. Each state within Duke Energy’s territory requires an application to connect. The application fees and requirements vary by state.

Florida

For interconnection for customers with Tier 1 solar panel systems (generating 10 kW or less), there is no application fee, disconnect switch, or insurance requirement associated with this system size. Duke Energy will replace the customer's current meter with a bidirectional meter capable of recording any excess energy generation for calculating net metering credits. Tier 2 and Tier 3 Generating Facilities have application fees of $240 and $750, respectively, and require insurance of $1 million and $2 million.