THE Visayan Electric Company (Veco) will soon implement solar energy under its net-metering program.
Veco Chief Operations Officer Sebastian Lacson said an investment of P150,000 (not P250,000 as earlier reported) will allow a consumer to produce 1,000 watts for his own consumption.
The utility firm will pay for any excess or unused power, he said. It will also charge the consumer if he uses more than 1,000 watts.
So if an investor consumes 1,500 watts, he will only pay Veco for the 500 watts, Lacson said. However, if he only consumes 500 watts, Veco will pay him for the 500 watts.
Return on investment
Lacson said that once the investment is made, Solar Enfenity, Veco’s partner, will install the whole package, including solar panels, with a 10-year warranty.
He said the investment can be recovered in seven to eight years.
This means that if a homeowner will start investing this year, he can recover his capital in 2021 or 2022, depending on how the Photovoltaic system effectively harnesses power from the sun.
Lacson said eight square meters of roof space is required to produce 1,009 watts. The solar panels are expected to last more than 30 years.
Under this scheme, Lacson said, a homeowner can earn money while he and his family are on vacation and if all the lights, refrigerator, television and air-conditioner are off.
He said Veco decided to offer solar energy as part of their corporate social responsibility and because the price of solar panels is now competitive.
He said they chose Solar Enfenity as a partner because it is one of the prominent developers of solar photovoltaic projects in the world.
Lacson said Veco is the first power utility in the country that pushed for this renewable energy, which is also called “Green Energy for a Brighter Future.” (EOB)