Have you received a True-Up statement in the mail? As residential solar panel installations become more common, more and more homeowners are receiving these statements. They are sent by utility companies. True-Up statements, however, aren’t the same as ordinary monthly utility usage statements. You’ll only receive True-Up statements if your home features a solar panel installation and you have a net metering or similar arrangement with the utility company.
What Is a True-Up Statement?
A True-Up statement is a special type of statement that utility companies send homeowners at the end of each solar billing cycle. Solar billing cycles typically consist of 12 months. After using solar panels for one year, utility companies may send homeowners a True-Up statement. Among other things, True-Up statements break down all of the home’s energy usage and solar energy production.
How to Read a True-Up Statement
Upon viewing a True-Up statement for the first time, you may feel overwhelmed. After all, True-Up statements contain more information than monthly utility usage statements.
You can see how much energy your home used during the solar billing cycle when viewing a True-Up statement. Energy usage is measured in kilowatt-hours (kWh). The higher the kWh on the True-Up statement, the more energy your home consumed.
You can also check energy credits issued by the utility company when viewing the True-Up statement. Many utility companies offer energy credits to homeowners with solar panel installations. Known as net metering, it involves an arrangement in which homeowners sell their solar power to the utility company. If you have a net metering plan, the utility company will reward you with bill credits for your solar power. These credits will typically appear on the True-Up statement.
True-Up statements reveal fees as well. Some utility companies charge homeowners fees to maintain a connection to their solar panel installations. You can find these fees on True-Up statements, which are issued at the end of each solar billing cycle.
Do All Utility Companies Send True-Up Statements?
Not all utility companies send True-Up statements. Some utility companies will include net metering and other information in their regular monthly usage statements. Other utility companies send different types of solar statements.
True-Up statements are utility statements for homeowners with solar panel installations. Utility companies send them at the end of each solar billing cycle. True-Up statements reveal energy usage, solar credits and other information.