A company is proposing a price cut for residential customers who use their own solar panels.
And it’s costing a lot.
The solar panel manufacturer has just announced it’s going to be giving customers a price drop of 10 cents per kilowatt hour.
The company is offering customers a cut of between $8 and $6 a month, but it’s a significant price cut.
That’s a 10 per cent reduction in electricity costs for customers using their own panels.
Solar power is the cheapest form of renewable energy, but the price cuts come at a time when it’s already getting cheaper than wind power, and a lot cheaper than solar.
And while the cut comes on top of an already low cost of electricity, the company is also suggesting the company won’t be able to recoup those savings.
“We believe we will not be able at this time to recouce these costs, and will continue to provide these customers with a very good value,” SolarWorld CEO Chris Meehan said in a press release.
Meehan noted that the company doesn’t expect the cut to last for more than a year.
The company also said it’s committed to working with customers on ways to make solar even more affordable.
For solar customers, the savings comes at a cost of about $1,200.
That includes the upfront costs, which the company said were about $800 per customer.
At the same time, Meehart noted that solar costs are going up and the company will be charging customers for any new projects.
He said the company has been working to cut the cost of its panels since it started making solar power more than 10 years ago.
In January 2016, MEEHAH announced the company would be increasing solar installations to more than 30 gigawatts.
That was more than three times its previous target of 8 gigawatts in 2020.