The Public Utilities Commission is considering a recommendation by the Department of Public Service to cut net-metering compensation for the sixth time in six years. Reducing net-metering compensation, and slowing rates of renewable deployment, would be contrary to the public interest, undermine our ability to comply with the Global Warmings Solutions Act, and perpetuate a massive and ongoing cost-shift to the next generation. On Monday, REV argued that as we ask Vermonters to electrify everything it is time to increase compensation for net-metering.
- All Vermonters should have meaningful access to net-metering
- Complying with the GWSA requires massive new renewable deployment
- An insufficient rate of net-metering deployment hurts Vermont and Vermonters
Key Findings: The Department is recommending cutting net-metering compensation while:
- net-metering interconnections have been declining steadily since 2016,
- the Federal Investment Tax Credit (ITC) is scheduled to drop in both 2023 and 2024,
- development costs are rising,
- supply chain disruptions, inflation, and interest rate increases are occurring,
- the Department itself is unsure of the impact of NM 2.3 and 2.4 on interconnection and CPG application trends, and
- complying with the GWSA will require significant growth in new renewable energy capacity.
Our Ask: Update the statewide blended residential rate to $0.17141/kWh, as recommended by the Department, and additionally to increase the REC adjustor by $0.015/kWh – $0.03 kWh to offset the adverse impacts of the decline in the Federal ITC.