Changes Planned for TVA Generation Partners Program, Sign Up Now
LightWave Solar is encouraging all potential solar system owners to move ahead with project development before the Tennessee Valley Authority (TVA) changes their popular Generation Partners solar program this year. Under the current program, solar system owners receive 12 cents plus the base rate (totaling about 22 cents) per kilowatt-hour of solar electricity.
"Generation Partners has been a real driver for solar development in the Valley, creating jobs and diversifying TVA's portfolio," says Steve Johnson, President of LightWave Solar. "Unfortunately, it appears that TVA will be scaling back the program."
According to the TVA website, the new program will be called Green Power Providers. Changes could include lower incentives, resulting in lower returns on solar investments. Premium amounts will be reviewed and evaluated annually with plans to phase them out over time. In addition, participation will be subject to annual limits.
"Because of the uncertainty, we are encouraging Tennessee businesses and homeowners to become TVA Generation Partner participants and lock in the 12 cents above base rate for 10 years," says Johnson. "That way businesses and residents, the ratepayers, receive the best possible returns for their investment."
A 50 kilowatt system, the maximum system size allowed under Generation Partners, can generate over $14,000 annually. Combined with the 30 percent federal tax credit, accelerated depreciation benefits, and a $1,000 cash bonus from TVA upon installation, the payback period on a solar investment can be as short as six years. After that, the system generates income for decades.
Contact us to begin the interconnection and Generation Partners application process. Click here to visit the Generation Partners website.