How energy bank credits work with a Time-of-Day (TOD) Rate
When billed on a Time-of-Day rate, which has different pricing for peak and off-peak periods, energy credits accumulate in separate banks for each time period. For example, if you produce excess power during a peak period, those credits appear in the peak period bank. 

Energy Credit Bank Transfers on TOD
When you are enrolled in either of our Time-of-Day rates, (Off-Peak rate or Super Off-Peak rate) you may transfer credits between energy banks. Here are ways to transfer credits between energy banks on Time-of-Day:

How to Transfer Credits 
You may request a credit transfer from one bank to another using any bank that has credits. Download and complete the Excess Generation Exchange Authorization Form and submit here (select NEM Exchange Program).

Please note:

• These rules apply to customers who started net metering in 2018 or later and are on a Time-of-Day rate (194 or 195).
• Check your energy banks using My Account or by checking your latest bill.
• Eligible net meter customers may request one transfer per bill cycle to be applied to their next bill.
• You must make a request via the Excess Generation Exchange Authorization Form and submit it here.
• You may not apply transfers to previous bills.
• Any submitted request is final, and we will apply it on a future bill.
• Submit a request at least two weeks prior to your next bill date. After that time, we will hold the request until the following bill.

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Frequently Asked Questions

Please see the following FAQs.

How does Time-of-Day pricing work for solar customers?
Overall, Time-of-Day rates can give solar customers more control over their energy production. If your solar panels produce more electricity than you need, the excess energy goes back into the grid and earns you energy credits that can help offset future bills. It’s all about matching energy production to value. Here are some things to note:

• You can offset higher-cost energy with solar exported during peak hours
• When you use electricity from the energy grid in off-peak or super off-peak hours, it costs less 

 
What is the difference between small, medium and large solar power systems?
System size is measured in kilowatts or kW- the greater the kilowatts, the more power your system can produce. Just know that system size affects how much energy you generate for example, larger systems will generate more solar power. Whether you produce excess energy or do not is determined largely by how your total annual energy needs relate to the size of your system. A smaller system may not generate the excess energy that converts to energy credits. Here is a breakdown:

• Small systems are up to six kilowatts, which are good for moderate homes
• Medium systems are from six to ten kilowatts, which covers most daytime needs
• Large systems are over ten kilowatts and often export excess energy that you don’t need

 
How can customers with battery storage take advantage of Time-of-Day Rates?
Batteries allow you to store energy and use it when prices are higher and can help reduce the amount of power you need from the energy grid. Some tips:

• Store excess solar energy during off-peak or super off-peak hours
• Use stored energy during peak hours when prices are higher

 
How does net metering “bank exchange” work between peak, off-peak and super off-peak?
Solar customers accumulate credits in separate banks based on when energy is exported into the grid: Peak bank, Off-peak bank, Super off-peak bank. If you have excess credits in one period and need them in another, you can request an exchange. For example, you can use off-peak credits to offset peak hours by requesting a transfer of those credits to your peak bank. To do this, fill out and submit the Net Metering Bank Exchange form. 

Will Time-of-Day rates affect my solar production?
No, solar production is the same. What changes is the value of your exported energy based on when your system generates it.

How do I know if Time-of-Day is right for me?
Time-of-Day, plus adjusting when you use energy, can increase the value of the energy you produce. Plus, customers with battery storage, electric vehicles or flexible schedules can see bigger savings. Time-of-Day works well if you can shift high energy use away from peak hours. You can also use our online Rate Comparison Tool that can help you determine the cost of each rate based on your energy use over the past 12 months. When evaluating your choices, keep in mind that seasonal changes can affect cost and savings, so it’s typically best to assess based on all seasons.

Are there other ways solar customers can save?
You can save by shifting energy use to lower-cost off-peak hours, like:

• On weekdays, run the dishwasher or do laundry before 3 PM or after 7 PM 
• Run major appliances on weekends, which are off-peak all day
• In summer, pre-cool your home before peak hours and run pool pumps and heaters during off-peak hours
• If you choose the three-period Super Off-Peak Rate, charge your EV overnight from 10 PM to 6 AM and start to cool/heat your home before 6 AM

 
How can I track my usage and solar credits over time?
Log into My Account or use the PSEG Long Island mobile app for tools that let you:

• Review daily and hourly usage
• Track appliance use 
• Track solar exports and credit banks 
• See peak versus off-peak usage 
• Plan when to shift high-energy use activities