Progress Energy looking to slash solar incentives in the Carolinas
Progress Energy wants to cut in half the solar rebates it provides to customers.
Progress Energy Carolinas plans to cut rebates in half for customers who install solar panels on their homes, the company said in a regulatory filing this week.
The utility, a subsidiary of Duke Energy Corp. (NYSE: DUK), now rebates $1 for each watt of solar generating capacity that a customer installs under its residential SunSense. Rooftop arrays are usually in the range of 2 to 5 kilowatts and can be as large as 10 kilowatts, so the rebates end up running from $2,000 to $10,000.
The utility plans to reduce that installation rebate to $0.50 per watt. The filing Tuesday asks the North Carolina Utilities Commission to approve that reduction.
The change wouldn't affect a smaller, ongoing credit of 4.5 cents per watt per month.
"Progress Energy Carolinas believes the lower upfront rebate reflects dramatic declines in the cost of solar, while maintaining a commitment to promote investment in North Carolina’s solar energy industry," Raleigh attorney Robert Kaylor wrote for the company in the filing.
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