Vermont utility Green Mountain Power is expanding one of the country’s most exciting virtual power plant programs, adding a new battery lease program to its menu of home energy offerings that lets customers add backup power at little to no upfront cost.
Green Mountain Power (GMP) has already built a successful home battery program around Tesla’s industry-leading Powerwall – but despite the Powerwall’s excellent reputation, Tesla’s CEO has spent the last few years going out of his way to make himself a polarizing political figure, and a lot of people just don’t want to see their hard-earned money going to support Elon’s causes. GMP gets it, and they’ve expanded the program to include Enphase’s fourth-generation IQ Battery lineup, giving customers more freedom of choice about how they add backup power at home.
“Enphase is a great company,” explains Alexander Mintz, owner and operator of Power Guru, a GMP certified backup battery installer. “(Enphase has been in business for over 20 years), they partnered with GMP to make it affordable for folks to install batteries for backup power in their homes.”
GMP customers who sign up for the Energy Storage Solutions Program can add an Enphase or Tesla Powerwall battery to their home for $55/mo., added to their GMP electric bill, or for a single incentivized payment of $5,500.
Yes, it’s a lease
While leases or PPAs are common enough in the home solar panel space, they’ve only recently started to gain traction as financing products in the world of home backup batteries. The newfound popularity of leasing home batteries as part of a larger home solar panel system is being driven by a legal loophole that means that, in some circumstances, leased systems are still eligible for the 30% federal solar tax credit that solar purchasers lost last fall.
At the center of that eligibility loophole is US Code § 48E, often called the Clean Electricity Investment Credit. Unlike the now-expired residential credit (the previously-mentioned Section 25D), which was claimed directly by homeowners, Section 48E is a commercial investment tax credit designed to incentivize businesses that own “clean energy equipment,” which currently includes both solar panels and battery energy storage systems.
The GMP lease on the new Enphase units is meant to enable more equitable access to grid-enhancing, cost-reducing battery power.
“We’re thrilled to partner with Enphase to bring cutting-edge technology directly to our customers – strengthening the grid, improving reliability, and driving down costs,” said Mari McClure, president and CEO of GMP. “These innovative solutions are already helping customers stay powered through increasingly severe storms and grid events. We’re expanding access so more people can enjoy true energy independence and resilience, transforming the grid into a dynamic, two-way system – interconnected, adaptable, and stronger together.”
The Enphase batteries have a 15 year warranty from the factory, with an additional 5 years’ worth of extended coverage available. At the end of the GMP lease, the batteries are removed from the home to go serve a second life, allowing the homeowner to upgrade to newer technology or sell their home without being tied into a lease contract.
As ever, it’s important to get several quotes from reputable installers and find out about what options they recommend, then work with a trusted financial expert to determine if a solar or battery lease is the best path for you.
SOURCES: Green Mountain Power, via Bennington Banner; Enphase.
Author: Jo Borrás
Source: Electrek
Reviewed By: Editorial Team
