Progress Energy Carolinas: SunSense Residential PV Incentive Program
Solar panel credits at $1/watt of installed capacity up to $10,000 plus $4.50 per kilowatt.
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Progress Energy is offering incentives for their residential customers to install photovoltaics (PV) systems on their homes through their SunSense Program. The incentive is multifaceted. Customers will receive an upfront payment of $1,000 for every kilowatt-AC (kW-AC) they install on their home, and they will receive monthly credits on their bill of $4.50 per kW-AC. For instance, if a customer installs a 10 kW-AC system, the largest system eligible to participate in the program, the customer will receive a check of $10,000 plus a bill credit of $45 on their monthly bills.
To participate in the program, the customer must surrender all their Renewable Energy Credits (RECs*) to Progress Energy for a period of five years and they will receive the $4.50 per kW bill credits throughout those five years. After those first five years, there may be an opportunity for the customer to renew their REC contract with Progress Energy under the terms of the agreement that exists at that time.
Systems must be connected to the grid and be net metered to participate. As a condition of the net metering agreement, the residence must be billed on a time of use tariff, where their electricity rate is a factor of the time of day and year.
*Progress Energy is purchasing RECs to comply with North Carolina's renewable energy and energy efficiency portfolio standard. Since Progress Energy is purchasing the RECs, customers cannot sell their RECs to NC GreenPower or any other REC purchaser for the duration of their contract with Progress Energy.