Everything you need to know about Feed-in Tariffs

What is a solar feed-in tariff?

Solar feed-in tariff (FiT) is a government-mandated policy that is designed to promote investment and the small-scale production of renewable energy sources. This policy exclusively benefits those whose solar panels produce more electricity than is needed and who do not have a battery system to store it. Solar energy consumers get credit for the leftover electricity they deliver back to the electricity grid. This can offer significant savings to homeowners and businesses looking to go solar.

The main idea behind the solar feed-in tariff (FiT) is to incentivize and encourage more people to use renewable energy sources.

Are FiTs still worth it?

The short answer to it is – yes. Although the rates are not as generous as they used to be, it doesn't mean that investing in solar energy is not good anymore. When you compare the feed-in tariff rates offered by the Australian government with the rates of other forms of electricity generation, it is clear that the feed-in tariff is still worth it.

Increasing energy costs: Why should you opt for solar with battery?

Solar with battery systems provide a reliable and sustainable source of energy. By storing excess solar energy in a battery, you can continue to power your home or business even during power outages or at night. Additionally, using a battery allows for greater energy independence and the ability to use stored energy during peak usage times, potentially reducing energy costs. Overall, solar with battery systems offer a durable and efficient energy solution for any home or business.

How to find a good deal on solar?

When it comes to solar, you want to make sure that your investment is going to pay off. That's why it can be so important to find a good deal on solar panels.

Here are some tips for finding the right deal for you:

Estimate how much power your home needs

You can do this by taking an inventory of everything that uses electricity in your home and putting them into categories—lights, dryers, etc. Then you can determine how much electricity each appliance consumes and add that up to get an estimate of your household's monthly consumption. As an alternative, you might review your previous bills to determine what your daily average use was.

Know what kind of solar panel system you need:

Once you have an idea of how much energy your home uses per month, you will need to find the best options for solar panel systems for you based on your home's needs. Although, there are three options available for you: On-Grid Solar System, Off-Grid System, or Hybrid Solar System

Get quotes from multiple installers and compare the prices.

Once you've picked out what type of solar panel system you want for your home, it's time to get quotes from multiple installers and compare the prices.

Check through Certification and Warranty.

Another thing to consider is whether or not the solar system you are getting comes with proper certification and warranty. This will give you peace of mind knowing that your installer has been vetted by the organization in question and meets their standards for quality workmanship and customer service.

How much do retailers pay for FiTs?

The solar retail sector is one of the largest industries in Australia. It is also one of the most competitive, with many companies fighting for market share. Many retailers are looking at renewable energy as an opportunity to differentiate themselves from their competitors and increase their sales. A Solar feed-in tariff (FIT) is one way for retailers to do this. However, different retailers pay differently across all states in Australia.

FiT rates and solar panel payback times

Electricity prices change in accordance with the consumer price index (CPI) levels and hence have a substantial impact on the payback period. However, on average, the payback period is roughly 3-5 years in Australia.

Many retailers across the country offer the highest feed-in tariff, which aids in counterbalancing the impact of higher prices. As per the government sources, following are the average prices offered in different states across Australia.

How to make the most of excess solar power?

You’ve probably wondered how to make the most of your excess solar power. While there are many factors that go into this decision, one of the most important is how you plan to use the excess energy produced by your system.

There are a number of ways to do this, such as:

1. Send the Excess Solar Power back to the Grid

If you want to make sure that your excess solar power is used for its intended purpose - which is helping move us towards a more sustainable future, then you should think about sending it back to the grid and drawing it back per your need.

2. Use Backup Batteries to Store Excess Solar Power

One of the best ways to use excess solar power is to store it in backup batteries. Backup batteries can be charged with solar energy, and then that energy can be used at night or on cloudy days when there isn't enough sunlight available.

With all the information we have gathered, we can say that solar feed-in tariffs are still a great way to go if you are looking to save money on your energy bills. It's also an opportunity to get involved with something that can help prevent climate change and make our planet better for everyone.