I have a few questions regarding net metering.
The electricity bill consists of the following components: Supply Charge, Delivery Charge, Capacity Charge.
Suppose my total consumption of the month is 100 kwh, and my panels generate 100 kwh. In other words, my panels generates exactly the amount of electricity that I use.
I assume I get full credit on the Supply Charge, Delivery Charge, and Capacity Charge, as I simply generated electricity to satisfy my own consumption and does not draw from the grid, and so ComEd just does not charge me. So my bill should be 0. Is this correct?
Does timing make a difference? If I generated the 100 kwh during the day and I used electricity only at night, do I still not pay Supply Charge, Delivery Charge, and Capacity Charge? And my bill is 0?
Now assume I still use 100 kwh, but my panels generate 150 kwh. For the 50 kwh surplus, do I get a credit on Delivery Charge and Capacity Charge? Or do I only get credit for just Supply Charge?
- For the 50 kwh surplus I generate, do I get paid in the form of cash or credit?
- For credit/cash I receive from the 50 kwh surplus I generate, do I have to pay income tax on it?