Georgia Power, a Southern Company and by far the largest electricity supplier in the state of Georgia, announced recently that they are asking regulatory permission to increase their buyback program from its current 2.5MW to 6.4MW, an increase of 156%. The buyback program pays residential and commercial customers a premium of $.17 per kilowatt hour generated by solar photovoltaic projects, offsetting usage on a monthly basis. Many Georgia Power residential and commercial customers are charged between $.07 and $.11 per kWh at present, so this premium represents a great way to move towards solar with excellent economics and a strong return on investment.
Georgia Power currently generates 60% of their total power using coal plants, but this move is seen as one of many that Georgia Power and other EMC's in the state are making as they begin to embrace and develop more renewable energy projects.