Solar Savings: Why You Should Get Solar With NEM 2.0
NestMade Mortgage
NestMade Mortgage
Published on November 21, 2022

Solar Savings: Why You Should Get Solar With NEM 2.0

If you’re considering going solar, it’s important to understand the differences between NEM 2.0 and NEM 3.0. Under NEM 2.0, homeowners with solar installations are credited for every kWh of electricity they produce at the full retail rate. This is known as net energy metering (NEM). However, under NEM 3.0, homeowners will be credited for only a portion of the electricity they produce at the full retail rate. The rest of the credit will be based on what’s called a “value stack,” which takes into account factors such as avoided costs and greenhouse gas emissions reductions. So, which program should you choose? Here are the benefits of our current NEM 2.0.

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The benefits of NEM 2.0 are:

  1. Homeowners are credited for every kWh of electricity they produce at the full retail rate.
  2. This is known as net energy metering (NEM).
  3. Under NEM 2.0, homeowners with solar installations are able to sell their excess energy back to the grid.
  4. This helps to offset the cost of their solar installation.
  5. Additionally, under NEM 2.0, homeowners are credited for the value of the electricity they produce, not just the electricity they consume.

Things to know about NEM 3.0:

  1. Major reduction in the net-metering value
  2. New time of use (TOU) plans
  3. Raise grid access charges
  4. Average ROI of 17 years
  5. The combination of solar and battery storage will be even more beneficial under NEM 3.0

NEM 3.0 is set to go into effect in 2023. So, if you’re considering going solar, it’s important to act soon. The sooner you install solar, the more money you’ll save.

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Interested in installing solar? Contact us today, and we will help you from start to finish.

 

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