Texas is the fourth sunniest state in the USA, which is the country with the second-highest solar energy capacity globally.
This makes Texas homes excellent candidates for solar energy systems to decrease their reliance on fossil fuels. Unfortunately, solar panels produce most of their power during the middle of the day, when homeowners don’t need it.
The good news is that Texas residents can benefit from this otherwise wasted energy.
Keep reading to see how we can help you get the most out of your solar panels with solar buyback electricity plans.
What Is a Solar Electricity Buyback Plan?
A solar buyback plan is a simple concept also known as net metering. In simple terms, it means a power company buys excess electricity from homeowners who have solar panels.
They ‘pay’ for this energy by offering credits against future energy bills.
Net metering is strictly regulated in some states. Texas has no statewide rules for net metering.
Thus, power companies can offer competitive prices to customers who opt for solar buyback plans.
How Do Solar Buyback Electricity Plans Work?
When you install solar panels, you can stay connected to the electricity grid or go off-grid. If you choose the latter, you can store excess electricity from your solar panels in onsite batteries.
These batteries are an expensive addition to any solar system. You’ll need several of them to store enough energy to run your appliances during peak after-dark hours.
Net metering offers an affordable solution to this issue. With net metering, homeowners can buy electricity from a power company when their solar panels aren’t producing enough.
In return, they feed any excess power generated during peak solar hours back into the grid. An electricity meter keeps track of how much energy they give back versus how much energy they use.
The power company pays the homeowner for the excess electricity in the form of a credit on their electricity bill.
Comparing Solar Buyback Plans
In Texas, power companies can dictate how much they’re prepared to pay for solar energy received from homeowners.
Some power companies offer credits that equal the retail value of the electricity. Others pay only the wholesale cost, or a different rate called a feed-in tariff.
A feed-in tariff is usually a slightly lower rate than the retail cost of electricity. In rare cases, the power company may pay you more than this rate for your contributions.
Electricity companies may also create hybrid programs. These may offer a credit equal to the retail rate when you use more electricity than you feed into the grid and a reduced feed-in tariff if you use less.
If your monthly energy input exceeds your consumption, some providers don’t carry the credit over to the next month. Others will carry the credit over indefinitely.
You may also receive various incentives based on your solar panels’ total electricity generation or the amount of power you feed into the grid.
Who Can Sign Up For a Solar Buyback Plan?
Do you already have solar panels installed at home or an agreement to get them installed soon? You could qualify for a Chariot Energy solar buyback program, subject to a few more conditions.
These include having a bi-directional smart meter installed by your utility and living in a deregulated area of Texas. In these places, you can choose your electricity provider.
Additionally, our solar buyback plans only apply to customers who have a solar power interconnection agreement with AEP, Oncor, TNMP, or CenterPoint.
The Benefits of Signing Up for a Solar Buyback Plan
With so many different options available in Texas, you must do your homework before signing up for a solar buyback plan. You’ll enjoy the following rewards for your efforts:
Convenience and Cost-Savings
With a solar electricity buyback plan, you’ll enjoy the convenience of electricity all day and night, regardless of your solar panels’ performance.
When you install your solar system, you’ll save on extra installation costs for extensive battery storage and benefit from reduced electricity bills.
Thanks to your solar panels, you’ll use less electricity from the grid and lower your electricity bills. When you add a solar buyback plan to the picture, you’ll also receive a credit for any electricity you use.
In some cases, you could even earn a little extra cash when you generate more power than you use.
A Clear Conscience
It’s everyone’s responsibility to help combat climate change by reducing the use of fossil fuels worldwide. If we don’t, we are in for a bleak future and the eventual extinction of our species.
With a solar power installation, you can rest easy knowing you’ve done your bit toward combating global warming. You’re also giving other power company customers access to green energy.
Increase Your Home’s Value
Solar panels are an excellent investment. When you install panels, you get a useful, tangible asset instead of paying a power company for electricity you’ve already used.
Solar panels help increase the value and desirability of your home. They also attract some lucrative incentives when you own them outright.
Chariot Energy’s Texas Solar Buyback Plans
Chariot Energy offers a range of buyback plans to suit homeowners in deregulated areas of Texas. These straightforward plans have no hidden fees and guarantee the best rate according to your circumstances.
Thanks to these innovative solar buyback electricity plans, we can offer more customers the benefits of clean, renewable energy by supplementing our existing solar farms.
We’re committed to providing sustainable energy to Texas by offering our customers all the best benefits of solar power, and we’re eager to help you maximize your solar panels.
Get started by comparing our plans and picking your ideal solar buyback program to help you save even more with solar energy.