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The previous example is a small system and works with net-metering; the tariff for bigger systems has to be negotiated with GRENLEC. For example, for a 16 kWp system on top of an insurance building net-metering was agreed until a surplus is reached. This means that as long as the insurance company consumed the same as they produced, 1:1 net metering applies. As soon as the photovoltaic system is producing more electricity than the building requires, the insurance company is selling electricity to GRENLEC for 0.29 ECD/kWh which equals the avoided cost of fuel (about one third of the electricity bill). If they need more electricity than the photovoltaic system can produce they buy the extra power for the retail price (0.85 ECD/kWh at time of research). By that the insurance company is cutting half of their electricity bill every month. In this special case GRENLEC installed two meters in series one to register electricity bought from GRENLEC and one to register electricity sold to GRENLEC from the photovoltaic system which normally only happens on weekends when the insurance company is closed (Burkhardt, K. pers. comm. 28 April 2010). The utilities argued that net-metering is not favorable for them because the renewable energy source is just generating electricity but there are still transmission and distribution costs to be covered (Rowe pers. comm. 12 April 2010). So, the compensation should be based on the avoided costs, like in Barbados setting their tariff at 1.8 times the fuel charge and with a minimum of 0.32 BBD/0.16USD. Grid parity, the point at which renewable electricity is equal or cheaper than grid power, will be reached when the electricity cost of renewable energy would reach the same price as the avoided costs (in the case of Barbados fuel charge x 1.8). Costs of photovoltaic systems are constantly decreasing and it is forecasted that it will be reached in 2015, Figure 29 (Wray 2009). Right now, the solar electricity price in sunny climates is 34.74 US-cents/kWh for a residential (2 kW) system, 24.71 US-cents/kWh for a commercial (50 kW) system and 19.27 US-cents/kWh for an industrial (500 kW) system (Solarbuzz 2010). In case of a fuel charge of 19.3 US-cents/kWh the avoided costs would theoretically reach the 34.74 US-cents/kWh. As seen in Figure 16 under chapter 4.2.2., fuel charges vary heavily, in this example from 0.10 USD to 0.30 USD during the oil crisis. However, the solar electricity price index depends as well on various factors, like the prices of the solar modules, other electrical components, assembly and installation costs, transportation costs and many more. Photovoltaic Framework 76PDF Image | CARIBBEAN RENEWABLE ENERGY DEVELOPMENT PROGRAMME
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