banked credits at New Jersey

[ch100]

My Tesla Solar Panel and Powerwall system were installed in December 2020 and started to operate in February 2021. It has been one year and JCP&L (First Energy) recently converted all my banked credits for only 4 cents per kWh. I thought the company should use the market price (~14 cents) to buy the credits back. In addition, I received $91.2 from NJ TRECS for each 1000 kWh certificate generated. Are these two numbers correct? I really appreciate it if anyone can share their experiences. Thank you.

 

[DrSmile]

You can change when they pay out your credits, I use March 1st as I am highly unlikely to have any left at that point. I called PSE&G to change it to this date and asked for a confirmation which they provided. The pay out price is always going to be terrible so if you're overproducing start getting electric space heaters or anything else that can use up the excess. Also make sure you report your actual meter readings on that date (usually online) as PSE&G for example loves to use estimated meter readings that suit them. The NJ TREC price is currently $152 and I believe residential gets paid at only 60% which would be... $91.20! SRECs are down to about $224 which is still a way better deal... but I probably paid way more for my system back when I got mine so it may balance out.

 

[vickh]

My in-laws have 56000Kwh banked at AZ APS. They had their grid power turned off since APS was still billing them grid fees which they thought they had credits. I wonder what will happen when they sell home?

 

[bdeakin]

JCP&L should be paying the wholesale production price-- I'm not sure exactly how much it is, though. 4 cents sounds way off-- I think it's closer to about 11 cents.

 

[bdeakin]

I just had Powerwalls installed on Friday and I'm trying to figure out what the off-peak vs. on-peak buy and sell prices would be with JCP&L if/when I start load shifting.

 

[ptdusn]

My in-laws have 56000Kwh banked at AZ APS. They had their grid power turned off since APS was still billing them grid fees which they thought they had credits. I wonder what will happen when they sell home?

APS doesn't have a TOU customer generation plan like SRP? We get a measly $.03 per kW and this months bill from SRP was $28.29, which included the $32 service fee. We have had some draw on cloudy days but not much.
To sell the home, I do believe they will have to turn grid back on. You may want to check with a Realtor.

 

[vickh]

APS doesn't have a TOU customer generation plan like SRP? We get a measly $.03 per kW and this months bill from SRP was $28.29, which included the $32 service fee. We have had some draw on cloudy days but not much.
To sell the home, I do believe they will have to turn grid back on. You may want to check with a Realtor.

yeah we already paid them $300 even though 56000Kwh banked. Hope we can cash out when we sell or transfer to new owner..

 

[Laketime]

It's amazing how things can be so different from utility to utility and state to state. We are next door to you in NY and have PSE&G. In NY it's 1:1 credit for power supplied back to the grid. 4 cents sounds very low but I've heard other states that are similar.