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With the increasing gasoline prices and decreasing solar panel prices, it is no brainer that investing in a solar system would pay off and put more money in your pocket in the long term. According to theCanadian Renewable Energy Association, the installed solar power of Canada in 2020 increased by 10% with 130 MW/250MWh capacity. Ontario is the primary driver of solar energy growth, having the largest installed solar capacity of 2,709 MW (source:Solar Feeds, 2021). This trend is expected to accelerate even more, especially with the introduction of a net-metered solar system.
What is net metering and how does it work?
Net metering (also known as net energy metering (NEM) or grid-tie power buy-back program) is an electric billing program that uses the electric grid to store excess energy produced by your solar panel system. Under net metering, the energy that your solar panels produce and do not get used is credited back to you. It allows you to put unused solar energy to good use. Whereas solar panel batteries allow the owners to save the energy until they need to use it, net metering allows the owner to share the energy with the community.
When you have a rooftop solar system, it can often generate more electricity than you consume during daylight hours. On a cloudy or rainy day when your solar panels are not producing enough energy, the utility grid will feed your home energy, and count that energy against the credits that you have banked over time.
When your house, cottage, or business is net-metered, you will see the meter run backwards. This means you might get a credit to hedge against the electricity you use from the grid when it is not sunny or at nighttime. You are then billed only for your "net" energy use. The excess energy generated gets put back to the grid for your neighbors to use. This can reduce the demand on the electric grid, extend the environmental benefits of solar energy to more people, and save you money as a solar panel owner. Typical Net Metered contracts are valid for 20 years and any built up credit is valid for 12 months. For example, credit built up in March is valid until the following March.
What is net metering and how does it work?
Net metering (also known as net energy metering (NEM) or grid-tie power buy-back program) is an electric billing program that uses the electric grid to store excess energy produced by your solar panel system. Under net metering, the energy that your solar panels produce and do not get used is credited back to you. It allows you to put unused solar energy to good use. Whereas solar panel batteries allow the owners to save the energy until they need to use it, net metering allows the owner to share the energy with the community.
When you have a rooftop solar system, it can often generate more electricity than you consume during daylight hours. On a cloudy or rainy day when your solar panels are not producing enough energy, the utility grid will feed your home energy, and count that energy against the credits that you have banked over time.
When your house, cottage, or business is net-metered, you will see the meter run backwards. This means you might get a credit to hedge against the electricity you use from the grid when it is not sunny or at nighttime. You are then billed only for your "net" energy use. The excess energy generated gets put back to the grid for your neighbors to use. This can reduce the demand on the electric grid, extend the environmental benefits of solar energy to more people, and save you money as a solar panel owner. Typical Net Metered contracts are valid for 20 years and any built up credit is valid for 12 months. For example, credit built up in March is valid until the following March.