If you are already considering installing a solar photovoltaic system on your home or business, SolarCurrents from Detroit Edison can definitely make it more affordable.   Even if your system was installed before September 1, 2009, you may still be eligible to participate in SolarCurrents provided your system meets the Program Requirements*. 

For contracts finalized in 2010, the SolarCurrents up-front REC payment rate (in the form of a check) is $2.40 per watt of installed capacity. Once installed, you will also receive a monthly credit on your bill at a rate of $0.11/ kWh for 20 years. Combining these payments along with other benefits such as net metering and federal tax credits helps pay up to 80% of the installed cost of a PV system, depending on the size and your selected installer.

In our example below, the cost of installing a two kilowatt (2,000 watts) solar photovoltaic system is $18,000. Detroit Edison will pay roughly 50% of the cost of the anticipated Renewable Energy Credits (RECs) ($4,800) upon installation, and the other 50% of the REC value ($5,010) over 20 years, for a total savings of $9,810. 

Example

Figure out your estimated up-front REC payment amount and ongoing REC payment by using our savings calculator.

You might also like to use the PV Watts interactive calculator from the National Renewable Energy Laboratory, which can help you estimate the output of a given solar system based on regional averages and your price for electrical energy.

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