Description

Duke Energy Progress 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 $250 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 for $2,500 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 Duke Energy Progress 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 demand tariff, where their electricity rate is a factor of the time of day and year, and customers are subjected to demand rates.

*Duke Energy Progress is purchasing RECs to comply with North Carolina’s renewable energy and energy efficiency portfolio standard. Since Duke Energy Progress is purchasing the RECs, customers cannot sell their RECs to NC GreenPower or any other REC purchaser for the duration of their contract with Duke Energy Progress.