Virtual Net Metering (VNM), based on renewable solar energy generation, is a billing arrangement that shares the benefits of a single solar energy system with multiple VNM participants, even if they are not directly connected to the solar power system.
Who is Virtual Net Metering for?
In Ontario, VNM is primarily designed to allow one company with multiple properties to share the net metering credits from a single solar system across several other locations. (Add what is net metering link here – blog post on original site)
The energy credits you receive for sending your generated power to the electricity grid can be distributed amongst various company participants, such as apartments, condos, and commercial businesses.
Unlike traditional virtual net metering, are community solar projects, where businesses and individuals invest in or share a renewable solar system and receive energy credits on their hydro bill for their share of generated energy.
Challenges to Virtual Net Metering
While Ontario’s energy market is evolving, there are challenges to be aware of. Regulatory differences and policies between utility providers are currently an obstacle to VNM connections and development consistency.
The initial capital cost of your solar PV system can be expensive. System pricing will vary due to system size. You ideally design to offset as much electricity as you can with an ROI that works for you. However, the financial projections based on system output provide a very accurate payback model. Furthermore, federal and provincial incentives and tax credits are available that give your virtual net metering system a surprising ROI. (add a link to the different incentives and tax credits here)
Companies investing in renewable energy contribute to their future through decarbonization and operational sustainability.
