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Solar celebrations for Victorians as the minimum FITs are set to increase
As of 1st July 2017, the minimum Solar Feed-In Tariffs (FITs) in Victoria will increase by over 100%, which is great news for homeowners with Solar Panels!
The new mandatory minimum rate for solar fed into the grid will be 11.3c per kilowatt-hour (kWh), up from 5c/kWh the previous year. This solar win will positively affect approximately 130,000 households in Victoria.
This new tariff follows recent changes by the Andrews Labor Government to the current feed-in tariff legislation, to better reflect the true energy value of the electricity supplied to the grid.
What are Solar Feed-In Tariffs (FITs)?
Solar FITs are sometimes known as Solar Bonus Schemes or Solar Buy-Back Schemes. A FIT is a payment that you may receive via your electricity retailer as a credit on your bill for the excess electricity that your solar power system produces and that is then fed back to the grid.
The FIT is a rate that is set per kilowatt hour (kWh) and the eligibility criteria for FITs vary depending on the state in Australia you live in. The rate may be funded by your state government, your energy retailer or a mix of both.
What does this news mean for existing Victorian solar owners?
If you have solar panels on your home then this news might just make your day! Victorian solar households will finally receive fair compensation for the power they provide to the grid.
“With this new feed-in tariff, the Andrews Labor Government is ensuring that households with solar panels are more fairly compensated for the power they send back into the grid,” said Victoria’s Minister for Energy, Environment and Climate Change Lily D’Ambrosio.
“This is a great win for the 130,000 solar households all over Victoria, we promised a fairer system and that’s exactly what we have delivered” said D’Ambrosio.
This mandatory increase to a minimum of 11.3c FITs is a great opportunity to make sure you’re on the right plan.
What does this mean for Victorians thinking about installing solar panels in their home?
Have you ever thought about installing solar panels on your home? This news will make the idea even more attractive if you live in Victoria! With the new FIT in place, installing solar panels in your home will become an even better investment – with or without energy storage.
iSelect does not sell solar panels. iSelect does not compare all plans in the market. Not all plans are available at all times. Any advice provided in this content is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice we give you, having regard to your personal situation, before acting on our advice or purchasing any plan.