Dominion Virginia Power (NYSE: D) begins accepting online applications tomorrow for the company's Solar Purchase Program, which will help eligible customers offset the cost of adding solar power to their homes and properties while increasing solar generation in Virginia.
"We have seen a growing interest from customers since we announced this program last year," said Ken Barker, vice president-Customer Solutions and Energy Conservation. "This pilot program, which receives funding through our Dominion Green Power® program, gives our customers who are interested in getting power from the sun another option than net metering that could help them reduce their installation costs."
Customers interested in participating can obtain and submit an application at Dominion's website. Participation in the program is first-come, first-serve. The pilot program is limited to a total of 3 megawatts.
Participating customers purchase, install and own the solar generation system located on their property, but sell the electricity and the associated solar Renewable Energy Certificates (RECs) back to Dominion at a premium rate of 15 cents per kilowatt-hour. Participating customers purchase all of the electricity for their homes or businesses from the company on their current rate schedule. The Dominion Green Power program directly supports these solar projects through the purchase and retirement of the RECs produced.
The Solar Purchase Program is an alternative to Dominion's net metering program in which customers offset their consumption with self-generated renewable energy using a variety of fuel sources. Currently, about 850 customers participate in the "net metering" program.