Sick of rate hikes? Now you can make your electric meter run backwards.
State regulators on approved new "net metering" agreements that increase the savings for electric customers who want to install renewable energy devices, such as solar panels, on their homes. The agreements followed a new net-metering rule approved by the Public Service Commission earlier this year.
Five utilities, including Tampa Electric and Progress Energy, won approval for the new interconnection agreements on Thursday.
Utilities have bought customer-generated electricity for years. However, customers used to get a lower rate for what they generated than they paid for the electricity from the wall socket. Now, customers get paid the same rate.
Commission chairman Matthew Carter said, "By making it more attractive for customers to use renewables, we are promoting fuel diversity and reliability and increasing development of renewable generation in Florida."
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