Net-metering is a process by which homeowners who have solar energy systems can get “credits” from their utility provider for any energy their solar panels create but isn’t used to power their home.
Homeowners can then use this credit to help pay for the energy they use through their traditional electric company. Your provider will deduct the total amount of surplus energy and subtract it as a credit from your monthly bill. This is sometimes described as “selling” the extra energy your panels produce to your utility company (like TECO and Duke Energy).
How can net metering help me?
If you already have a solar energy system installed in your home, you can get credit for the excess energy your system produces at the retail rate charged by your utility. Then you can take those credits and use them to pay for your electric bills during the winter months when you generate less solar power.
If you don’t yet have a system installed but you’re thinking about it, there’s a good reason to start now so you can get the current net-metering benefits.
New bill would lower net-metering credits for Florida homeowners
A new bill passed by the Florida Legislature and that awaits the governor’s signature will reduce the amount of solar credits for those who install solar panels after January 2024 (with decreasing percentages of the retail charge being applied in subsequent years).
However, those who install their solar energy systems by January 2024 will be grandfathered in and receive full retail rates for their surplus energy for the next 20 years.
Bring solar energy into your home
Another great reason to install solar now: the federal solar tax credit, which lets you take 26% of the cost of your system as a tax deduction as long as it’s installed by Dec. 31, 2022. The credit falls two 22% for systems installed in 2023.
Florida Solar specializes in installing solar energy systems into homes throughout the Tampa Bay area. Call Florida Solar at 727-877-3175 (or fill out the contact form) to get a complimentary quote to bring the green energy and money-saving power of solar into your home.