Sunday, October 11, 2015

Selling solar credits to public utility covers my home electric bill and Tesla charging

My Tesla Model S recharges overnight in my garage.

Solar panels on the roof of my home generate credits I can sell to PSE&G, the public utility, through a middleman.


By VICTOR E. SASSON
EDITOR

Last week, I deposited a check for $2,250 for 10 solar credits -- enough money to cover my home electric bill and recharging my Tesla Model S in 2015.

I sold the credits, called Solar Renewable Energy Certificates, to PSE&G, the public utility in northern New Jersey, through a company called NJSREC.com.

The utility can buy certificates from homeowners and businesses, and count them toward its obligation to generate clean, renewable energy.

Two systems

I have two solar-panel systems, the first installed in 2009 under a state rebate program, and a second from 2012 under a loan from the utility.

I get to keep and sell the solar certificates from the first, and the proceeds aren't taxable. 

The 10 I just sold represent about a year's generation -- one for every megawatt of energy produced by my system.

The solar certificates from the second, smaller system go to repay the loan from the utility.

So, in addition to "free" electricity to charge my Tesla at home, I can use the California-based company's nationwide network of proprietary fast chargers free for life.

No other EV manufacturer has anything like it.