In short, if you’re considering solar you need to know everything about Feed-In Tariffs. Here’s why:
If you’re considering installing solar panels on your home or business in Australia, be aware that you may be eligible for solar bonus schemes and installation rebates. The government may sometimes provide financial incentives for installing solar panels.
WHAT ARE FEED-IN TARIFFS
A feed-in tariff (FIT) is a payment from your energy retailer for each kWh of electricity you generate and export back to the grid. It’s basically a way to reward households for generating their own energy and save you a lot of money in the long run.
Under feed-in tariffs, eligible households and businesses can receive payments from their electricity retailer for the extra power they generate from their solar PV system. The rates paid vary depending on the state or territory you live in. Still, you’ll generally get a higher rate for the power you generate during peak times (usually during the day) than you will for power generated off-peak.
SHOULD I CHOOSE A LARGER DISCOUNT OR A HIGHER FEED-IN TARIFF
The answer to this question depends on a few factors, including how much electricity you use, when you use it, and the size of your solar PV system.
If you’re planning on installing a large solar PV system (say, more than 20kW), then you’ll probably be better off with a feed-in tariff, as you’re likely to generate more electricity than you’ll need and will be able to export a lot of it back to the grid.
On the other hand, if you have a smaller system (less than 20kW) or use most of your electricity during peak times, you may be better off with a larger discount on your electricity usage.
To figure out which option is best for you, it’s a good idea to speak to a solar expert or compare feed-in tariffs and discounts from different energy retailers.
HOW DO I FIND THE BEST DEAL ON A FEED-IN TARIFF
The best way to find the best deal on a feed-in tariff is to compare offers from different energy retailers. This can be a bit of a hassle, but it’s worth it if you can save hundreds of dollars each year.
When comparing feed-in tariffs, make sure to look at the following:
– The rate you’ll be paid per kWh exported
– The total amount you’ll be paid each year
– Any conditions or restrictions that apply
– How long the feed-in tariff will last for
You can compare feed-in tariffs from different energy retailers using the government’s Energy Made Easy website. Just enter your postcode and follow the prompts.
A feed-in tariff is a great way to save money on your electricity bill, but it’s important to compare offers from different energy retailers before you sign up. By doing your research, you can make sure you’re getting the best possible deal.
We always recommend speaking to your local solar installer about your options. Here at EFS Solar, we can answer any of your questions and help you find the best feed-in tariff for your needs. So Click here to get a quote or learn more about us.