Performance
Based Incentives (PBI)
Rebates
for all projects of 10 kW up to 1 MW will be paid a Performance Based
Incentive (PBI).
PBI will be measured in kilowatt hours and paid over
five years (60 installments) approximately 30 days from the time previous month’s electricity is
generated. In 2010 10 kW+ systems will receive monthly payments at a rate of $0.35/ kWh for the
first five years of their generation.
All systems receiving PBI
must have a five-year service contract with a performance monitoring and reporting service (PMRS) at the expense of the
customer-generator.
Once a PBI rate is established, that rate is locked in
throughout its five-year term. Current
year applicable PBI offering
is secured upon the issue date of City of Redding Building Permit. That issue date holds current applicable PBI for up to 180
days while project is under construction.
Ultimately, in order to
achieve the locked in PBI a project must successfully meet final inspection approval from both City of Redding Building
Department and REU within 180 days of Building Permit issue date to qualify for that year’s
Performance Based Incentive.
Kilowatt hourly PBI rate will de-escalate seven percent
annually until January 1, 2017 at which time new rebates will no longer be offered. PBI eligible PV systems must meet REU’s Installation Specifications Requirements, and require
annual insurance verification renewal notification throughout the five-year life of the
PBI. PBI is subject to availability of
funds.
