Under the 2012 Sunsense rebate program, Progress Energy paid $1000 per kilowatt ($1 per watt) rebate to homeowners installing a solar photovoltaic system. Yes Solar Solutions, along with other solar installers in the Progress market, completed many residential projects with the incentive. Under the 2012 program, a 5.0 kilowatt AC solar system qualified for a $5,000 rebate. On December 14, 2012, the utility announced a 50% planned reduction in that rebate. Residential customers will still have a very limited time period to file a Sunsense rebate under the current terms. Progress Energy’s notice to installers reads in part:
Pending NC Utilities Commission approval, the upfront rebate of $1/watt AC installed will be reduced to $.50/watt AC. The ongoing credit or $4.50/kW AC per month for 5 years will not change. PEC expects to file with the commission soon, with changes effective in early 2013.
- Justification: PEC is reducing the residential incentives to reflect recent dramatic declines in the cost of solar.
Progress Energy believes these changes reflect the current realities in the solar market. Progress Energy Carolinas’ North Carolina customers pay for renewable portfolio standard compliance through PEC’s renewable rider. With the continued decline in market prices for solar energy, PEC must adapt our compliance strategy to ensure customers receive the most value possible from these funds.
If you are a PEC customer and have considered a solar investment, take advantage of the last few days of the Sunsense current rate and contact Yes Solar Solutions for a free site evaluation, or call 919-459-4155 for more information.