With net metering, excess energy produced is credited at the price you’re currently paying for electricity. For example, during the summer my solar panels over produce during the peak of the day when my peak rate is ~$0.50/kWh on the EV-A ToU plan. That is credited to my account during they day and I then “buy it back” at $0.12/kWh at night to charge my car.
The $0.03/kWh wholesale buyback rate only comes into play at your annual true-up. If over the course of the entire YEAR you produce more energy than you consumed, PGE buys that excess production from you at the wholesale rate.
WOW. That is great and makes the whole solar panels a much, much better deal.
The $0.03 buyback rate is what Tesla quoted me. So I guess it is a biased number to get you to buy Powerwalls.