These bonuses are calculated and offered based on the amount of kilowatt your unit generates per hour. For instance, you can receive up to 5 cents for each kilowatt you generate, depending on your local electricity cost. So, if your local electricity costs 20 cents for each kilowatt consumed, you can receive 10 cents. With this, you save 30 cents for each kilowatt.<\/p>\n\n\n\n

These kinds of bonus payments help consumers reduce their payback duration and increase the profit on their investment. However, there is usually a limit on the capacity, and it is often smaller. For instance, a performance bonus program launched in Massachusetts in 2018 offered a limit of 1,700 megawatts.<\/p>\n\n\n\n

SREC Bonuses<\/h4>\n\n\n\n

A local government can impose energy consumption targets on large utility firms to boost interest in clean energy. Also, the target comes with heavy penalties. So, these large consumers will be required to generate more clean energy, purchase SREC units, or do both to meet the target.<\/p>\n\n\n\n

Furthermore, solar system owners are given one SREC as a bonus for generating 1,000 kilowatts per hour. And since the demand for SCRECs is high due to the penalties on utility users, solar owners can earn over $100 on each SREC unit collected.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

The solar industry is only just beginning to expand. However, there are some limitations, like the high cost of production. And with high production costs come high purchasing costs. Therefore, some consumers might not be able to purchase it.<\/p>\n\n\n\n

However, several incentive programs can help reduce the costs of clean energy. For instance, rebates and tax credits can help cover 50% of purchase costs.<\/p>\n<\/span>","protected":false},"excerpt":{"rendered":"

As more people become conversant with the dangers of fossil fuels and gases, they become environmentally conscious and look for sustainable solutions to everyday needs like energy. And this has made way for the solar industry to blossom. Solar energy refers to energy from the sun. The sun gives off radiation that can produce electricity […]<\/p>\n","protected":false},"author":1,"featured_media":48203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30,7311],"tags":[],"yoast_head":"\n