Progress Energy to pay business customers to go solar

Raleigh-based Progress (NYSE: PGN) said the goal of its new SunSense program is to increase the amount of solar energy produced in its Carolinas and Florida territories by more than 100 megawatts over the next decade.

The company intends to reach that goal by offering a series of incentives and rebates.

• Progress will pay commercial customers the going market rate for each killowat-hour of electricity produced by newly installed solar power systems. This program will debut in the Carolinas this summer and in Florida next year.

• Also starting this summer is a program that will provide incentives for Progress’ business customers to install solar water heaters. That program will not be available in Florida.

• For residential customers, Progress Energy will pay $1.50 to $2 per watt for residential solar installations. That should cover about 25 percent of the installation cost, Progress said. The program will debut late this summer in the Carolinas and next year in Florida.

• Also for residential customers, Progress will offer rebates to customers who install solar water heating systems. The program, already established in Florida, is being rolled out the in Carolinas.

A fifth arm of the Progress plan will see the company’s Progress Energy Carolinas and Progress Energy Florida subsidiaries install solar panels at selected schools in their territories.

With a market capitalization of almost $10 billion, Progress Energy is the most valuable company in the Raleigh-Durham area and the only one in the federally defined Triangle area to rank among the Fortune 500. Raleigh-based Progress Energy Carolinas supplies electricity to much of the Triangle area.