Business World

Salt River Project is cutting back on incentives planned for home solar installations in the wake of increased demand, and will begin instituting those changes after Friday.

SRP will lower its incentives from $2.70 per installed watt of solar power to $2.15 per installed watt.

The state’s second largest utility had been scheduled to lower the amount to $2.55 May 1 but, has been inundated with applications, said Lori Singleton, manager of environmental initiatives for SRP. “Due to the overwhelming response of the program, we’ve decided to lower the rates more this year,” he said.

SRP officials made the decision to lower the incentives Thursday afternoon and were contacting installers to inform them that applications had to be in by 5 p.m. Friday in order to qualify for the current incentive rate.

SRP was hit with 211 applications for incentives in March, more than double any previous month since last June, right before the utility dropped the amount for the first time.

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