NEM3, Net Billing Update
The CPUC recently voted unanimously to approve new Net Energy Metering (“NEM-3” or “Net Billing”) rules.
Here are the key takeaways:
- Existing customers will be able to maintain their current 20-year NEM (NEM-1 or NEM-2) agreements.
- The price paid to solar customers for excess exported energy drops from 30 cents per kWh to about 5 cents per kWh for residences and 3 cents for commercial solar projects. This means that the return on investment for a new PV system will get much much longer.
Projects that get initial PG&E interconnection permission by mid April 2023 will be on the current (NEM-2) agreement.
If you or someone you know is considering a solar installation NOW IS THE TIME to move forward.