Navigating SRP Rate Plans: Key Insights for Solar Customers in 2024

Sabrina Lopez
March 2, 2020
2 min read

[Originally published on March 2, 2020, | Updated on January 24, 2024 - 5 min read]

Navigating SRP Rate Plans: Key Insights for Solar Customers in 2024

The landscape of utility pricing is ever-evolving, especially concerning solar energy. Salt River Project (SRP), central Arizona's premier utility company, regularly updates its rate plans to offer optimized solutions for its customers. In this blog, we delve into the intricacies of SRP's current solar rate plans, which are crucial for anyone considering solar energy in Arizona.

SRP Solar Rate Plans: What You Need to Know

SRP offers various rate plans tailored to different energy needs and consumption patterns. Understanding these plans is vital to maximize the benefits of your solar system.

1. Grandfathering for Existing Solar Customers

SRP honors all existing solar contracts. If you're a solar customer, you can modify your system (like adding batteries or more panels) without losing benefits. Plus, your grandfathered status can be transferred to a new homeowner if you sell your solar-equipped home.

2. Changes in Demand Fees and Buyback Rates

SRP's rate plans have evolved. For instance, the Customer Generation Plan (E-27), initially controversial due to its demand fees, now offers net metering, providing credits for excess solar energy. Other newer plans have eliminated demand fees but offer lower buyback rates for excess solar energy (2.8 cents per kWh). The choice of plan depends on your specific energy usage and generation patterns.

3. Optimizing Savings with the Right Plan

The best SRP rate plan for you will depend on several factors, including your home's energy generation and usage patterns. For instance, the Average Demand Plan may suit homes with fluctuating energy needs. At the same time, the Time-of-Use Export Plan is ideal for customers who can shift their energy usage to when their solar system is generating the most energy. For electric vehicle owners, the Electric Vehicle Export Plan offers benefits for overnight charging.

4. Maximizing Solar Investments

Adding a battery storage system can further enhance the benefits of your solar installation, especially under SRP's rate plans. The Inflation Reduction Act of 2022 extended the 30% federal solar tax credit through 2032, including for battery systems, making now an excellent time to consider solar energy.

SRP’s Future System Plan

SRP's Integrated System Plan for 2025-2035 focuses on balancing adding renewable resources with affordability and reliability. The plan includes adding 7,000 megawatts of new renewable resources to cater to the growing energy demand.

For more information on SRP's solar rate plans and how to optimize your solar investment, visit SRP's Official Website.