California Cuts Rooftop Solar Credits for Apartments and Schools
- Decision is latest setback to industry facing low sales
- State had previously cut incentives for house installations
The decision is a setback for solar companies struggling with sagging sales as higher interest rates make consumers less willing to finance rooftop solar systems.
Photographer: Michaela Vatcheva/BloombergThis article is for subscribers only.
California regulators voted to cut incentives for schools, apartment buildings and farmers to install rooftop solar panels, delivering another blow to an industry reeling from a slowdown in sales.
The California Public Utilities Commission agreed Thursday to cut payments to owners of non-residential buildings for energy produced from their solar panels. Apartment owners will also see their credits reduced for the solar used to power their common areas such as hallways and parking lots. Exceptions were made for some low-income housing. The changes apply only to new customers.