Understanding the first utility bill

We received our first Snohomish PUD bill since our solar PV system was finished. This bill includes our first 17 days (July 6 through 23). It's a bit confusing, but here's what we figured out:

• There are readings for four "meters":
  
  
  • Old "removed" pre-solar non-digital meter (just showing up on this first bill, since it was used at the beginning of the billing period)
    
    
  • Production meter (informational only for now; will get used for annual SB 5101 payments later)
    
    
  • Net meter reading #1 for energy delivered by PUD (total when meter going forward, during darkness, low sunlight, or high energy use; labeled "DEL" on the meter itself)
    
    
  • Net meter reading #2 for energy received by PUD (total when meter goes backwards, during sufficient sunlight and low energy use; labeled "REC" on the meter; used to calculate credit for future bills)
    
    
• For the energy we generate and use, obviously that's less energy that needs to be purchased from the utility (there's an immediate benefit). But for the excess power you generate and put back on the grid, you don't get credited in the same billing period. They figure out your credit (shown on a separate net metering page included with the bill), but it's not applied until the next bill.
  
  
• The credits get spread out over time since there's a "minimum charge" of $0.45/day (in the residential rate schedule). Whatever credit you can't use on the upcoming bill (in the summer) gets "banked" to use later (and gets all used up in the winter). This banked amount is reflected in the "Energy Credit Account" on the net metering page included with the bill.

Here are specific numbers for our first 17 days:

• PUD delivered 141 kWh. We're charged for this now ($12.04 including taxes).
  
  
• We generated 273 kWh.
  
  
• We gave 170 kWh back to the PUD grid. Out of this, we have credit for 46 kWh ($3.70) to show up on the next bill, and the remaining 124 kWh ($9.98) banked for future bills.
  
  
• Additionally, not mentioned on the bill: The 103 kWh we generated and immediately used (273 minus 170) saved us $8.79. And the 273 kWh we generated so far adds $40.95 to our "5101" incentive payment next summer.