Dive Summary:
- Public Service Company of New Mexico (PNM) has asked the state’s Public Regulation Commission for permission to end the successful Renewable Energy Certificate program.
- The program offered 13 cents per kilowatt-hour (KWh) to enrolled customers, while PNM’s new proposal will pay only four cents per KWh.
- According to PNM, the cause for the new proposal is a drop in the price of solar systems and the cost of the program to other customers who are not enrolled.
From the article:
Public Service Company of New Mexico customers who want to install solar photovoltaic systems to power their homes will receive a smaller return on their investment under a proposal the company has pending before state regulators.
PNM uses Renewable Energy Certificates to credit customers who have solar power systems. The solar power those customers produce reduces the fossil fuel the company needs to generate electricity and helps it reach state-mandated renewable energy standards. These REC payments have been slashed by more than half in the last year and would decline again under a proposal before the state Public Regulation Commission. ...
