Key Changes in NEM 3.0: What Solar Energy Consumers Need to Know
What you knew about Net Energy Metering (NEM) has all changed with the implementation of NEM 3.0. Make informed decisions about investing in solar energy when you know how NEM 3.0 will affect you. The bottom line is that you should always expect significant savings from solar panels, even if they are not the same savings as in the past.
- Transition to Time-of-Use (TOU) Rates: As NEM 3.0 is implemented, take note of the transition to time-of-use rates. Under TOU rates, the going rate for electricity varies based on the time of day. Expect increased rates during peak demand hours and reduced rates during off-peak hours. Learn about this shift in compensation to change your energy use habits and maximize your electricity compensation.
- Compensation for Excess Generation: NEM 3.0 introduces changes to the compensation for excess solar generation. When you receive credits from the power companies for excess electricity equal to retail prices, the credits are now more comparable to wholesale energy prices. Consequently, the idea of zeroing out your energy bill is no longer possible if you do not have battery storage.
- Battery Storage and Self-Consumption: NEM 3.0 provides incentives for solar energy consumers who integrate battery storage systems with their solar installations. By storing your extra solar energy in your own home by way of battery storage, you no longer have a need to stay connected to the grid. This promotes self-sustainability.
- Customer Education and Support: It’s important to learn about the pros and cons of NEM 3.0. Learn from the experts why solar energy still offers significant savings, even under the new NEM 3.0 terms. Follow updates and stay informed on changing solar energy news by consulting with a trusted solar company.
It is advisable to consult with solar professionals to understand the changes in NEM 3.0 and how they specifically impact your solar energy system.
Our team at New Day Solar offers free consultations to help you navigate NEM 3.0, understand your unique circumstances, and make informed decisions regarding solar investments.
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