If you are staying up-to-date with the latest solar power news and trends, then you’ve come across the term NEM 3.0. This new net metering policy has been recently passed by the California Public Utilities Commission, and it is crucial to recognize its significance. Failure to understand NEM 3.0 can result in significant financial losses once its effects come into play.
As a homeowner, it is essential to understand the changes brought about by NEM 3.0 to avoid any surprises.
What is NEM 3.0?
Net Energy Metering (NEM) is a billing arrangement that allows solar panel owners to receive credits for the excess energy they generate and send back to the grid. NEM 3.0 is the latest version of this policy, which introduces new rules and regulations that homeowners must comply with to continue receiving credits.
But what exactly does this mean for homeowners? Under the previous policy (NEM 2.0), homeowners received an average return of $0.30 per kWh for excess energy pushed into the grid. However, this return will be reduced to around $0.08 per kWh under the new policy. While NEM 3.0 will bring other changes into the picture, the bottom line is this: homeowners will save less on their electricity bills, and it will take longer to recoup the cost of their solar panel installation.
It’s important to note that these changes are not all bad news. NEM 3.0 also includes provisions for energy storage systems, which can help homeowners maximize their energy savings. Additionally, the new policy aims to promote the growth of renewable energy by encouraging the development of community solar projects.
Does this mean I should give up on solar panels?
No need to panic; while NEM 3.0 will kick into action come April 13, 2023, it’s essential to know that its effects won’t be retroactive, so if you already have residential solar panels or your permit to install them is approved before that date, you’ll get to keep all the benefits from NEM 2.0, including the higher return rates. What’s more, you also get to enjoy some of the benefits of NEM 3.0, like the elimination of solar taxes and the possibility of upgrading your system with a solar battery down the line, which means that if you don’t have solar panels yet, this is the perfect time to get them.
Don’t wait until it’s too late. NEM 3.0 will take effect on April 13, 2023, so act now and secure your savings and earnings. If you’ve been considering solar panels, this is the sign you’ve been waiting for!
Who should I hire to install residential solar panels?
If you live in the San Diego Metropolitan area, EZ Solar & Electric is the ultimate solution for all your electrical, solar, and roofing needs. With a proven track record of delivering exceptional turnkey solutions since 2010, EZ Solar is your go-to partner for designing, installing, and maintaining a residential solar power grid.
Our team of experts will keep you informed every step of the way, providing you with the necessary tools to make informed decisions. We understand that investing in solar power can be a significant decision. We are committed to ensuring you get the best value for your money.
So, if you want to reduce your energy bills, increase your home’s value, and contribute to a sustainable future, EZ Solar & Electric is your best option. Contact us today to schedule a consultation and take the first step toward a brighter future.