Green Mountain Power's SolarGMP Approved By Vermont Public Service Board
Posted on: Tuesday, 1 July 2008, 15:00 CDT
Green Mountain Power's groundbreaking new approach to accelerate the adoption of solar energy by Vermont homes and businesses has been approved by the Vermont Public Service Board. The program becomes available today.
"We are so pleased that our customers will now receive the appropriate financial incentive to install solar generation at their homes and businesses," said Mary Powell, incoming president and chief executive officer of Green Mountain Power. "SolarGMP will help increase the amount of renewable energy resources powering Vermont in the future."
The program will work in conjunction with existing "net metering" programs in which Vermonters using solar power feed energy back into the grid when it is not needed in the home or business. Under the new solar rates program, customers will now be paid by Green Mountain Power for all solar energy generated at a rate of six cents per kilowatthour above and beyond the 12 to 13 cents per kilowatthour net metering benefit.
Solar generates the bulk of its power during hot summer days when electric system use is at its highest, and so it replaces the expensive system power that Green Mountain Power would otherwise have to purchase.
"As the state debates its future energy resources, one thing is clear: renewable energy sources like solar must play an increasing role," said Ms. Powell. "It is good for Vermont economically and environmentally."
Ms. Powell said changing the way Vermonters pay for solar energy could help ease congestion on power lines, delay the need for new power line construction and reduce peak energy demand in hot summer months when demand for energy is highest.
The new incentive rates are available to all Green Mountain Power customers connected to the electric grid. Customers must go through appropriate net meter permitting, meter installation and inspection to begin SolarGMP. Additional information is available at www.greenmountainpower.biz.
About Green Mountain Power
Green Mountain Power (www.greenmountainpower.biz) is an electric utility owned by Northern New England Energy Corporation, a wholly owned subsidiary of Gaz Metro, a leading Quebec energy company with a long history of investment in Vermont. Green Mountain Power transmits, distributes and sells electricity and utility construction services in the State of Vermont in a service territory with approximately one quarter of Vermont's population. It serves approximately 94,000 customers.
For further information, please contact: Dorothy Schnure Green Mountain Power Manager of Corporate Communications 802-655-8418
SOURCE: Green Mountain Power
Source: MARKET WIRE
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