Victorian residents can reap the benefits of their investment in solar panels as the minimum feed-in tariff (FiT) paid by electricity retailers to solar power users has more than doubled since July this year. Victorians with a solar power system installed in their homes can benefit from this change, as the minimum feed-in tariff that electricity retailers must pay has increased from 5c/kWh to 11.3c/kWh – an increase of over 120%. More than 130,000 households in the state are expected to benefit from this change as they stand to save over $1,600 a year in power usage costs.
So what does this mean for consumers? In effect, it means that solar power households will be paid a higher minimum amount for the electricity that is exported from their solar power system into the power grid. Hence, the bigger your solar power system’s size, the more excess power you will generate, and the more you will be paid for the electricity that you export. Simultaneously, the increased return on investment on your solar power system will significantly help accelerate payback on the investment you made.
The new FiT minimum rate will be distributed to households through electricity suppliers with over 5,000 regular customers i.e. a majority of Victorian households. Victorian residents are advised to confirm their eligibility by getting in touch with their retailer to confirm they are a part of this transition.
Get in touch with Total Solar today to have your solar power system assessed for performance and to discuss maximising your savings with the new FiT. For more information, or for a quote, please contact us at Total Solar Solutions by filling out the contact form, and one of our expert consultants will be in touch.