Net-Metering with Dominion Energy and Nova

[Anonymous]

Someone came to the door recently to talk to me about Net Metering. He worked for Nova. He explained that they work with a solar company called Nexus. Nexus would put the solar panels on the house. We would own them with no initial payment needed. They would look to see how much energy we use on average per month and then pay a fixed price slightly higher than that to Nexus every month for 25 years. So for example, if your electric bill goes up and down each month but averages $220 a month, they may charge you a fixed price of let's say $235 a month, every month, and then after 25 years the solar panels are paid for. The fixed price may be a benefit because he said electric bills are supposed to rise 6-7% each year for the next several years. They will put enough panels on your home to generate at least the same amount of power you currently use on average. On months when you use more, you will be billed for that extra power by Dominion Energy. Apparently Dominion Energy billing is tiered so, because you won't be using much of their energy, it will be billed at their lowest rates. Sort of like taxes. If you do not use all the allotted power, it goes back into the grid and you create a bank of all your unused power. in months when you need power, it it taken from this bank before Dominion bills you for the excess. Nexus will also do an energy audit and help you improve your home by providing LED lights, insulation, tree removal, etc at their cost...I imagine within reason. In my example, the total cost you'd be paying for these panels would be $235 x 12 x 25 = $70,500. That seems like a lot of money! Anyone using this program. Can anyone help with the pros and cons. Thanks

[Anonymous]

Bump.

[Anonymous]

That doesn't sound right. I suggest speaking with an advisor at energysage.com. I didn't buy my panels through them but the advisor did help me understand all my options.

[Anonymous]

This doesn't seem like the optimal way to pay for solar panels. (For one, they'd be eligible for a 30 percent federal tax credit.) Agree that you should go through Energy Sage for some initial options.