Professional Engineers Of North Carolina

FALL 2014

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Page 24 of 31

23 Fall 2014 the Professional Engineer investor-owned utilities that limit the opportunity for market competition and innovation. Te consistent and dramatic 10-year decline in installed cost per watt of PV has greatly expanded the diversity of electricity customers who can aford PV ownership, given the narrow constraints of state policy on project fnancing options. REPS and REITC are two elements of legislation that aim to decrease fnancial barriers to renewable energy production and ownership. Passed in 2007, Senate Bill 3 establishes REPS, which requires 12.5 percent of North Carolina's electricity to come from renewable energy and energy-efcient resources by the year 2021. Tis law was the result of more than two years of collaborative discussions among legislators, consumer advocates, utilities and more than 90 stakeholder groups. As the price of clean energy continues to decrease, consumers will see substantial savings from this portfolio mandate. According to a 2013 economic and rate impact study authored by RTI International and LaCapra Associates, electricity rates for all customers are expected to be lower than they would have been had the state continued to only use existing, conventional generation sources. By 2026, the switch to clean energy will bring about an estimated $173 million in cost savings for ratepayers.

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