Changes to Victorian Solar Feed-in Tariffs (FiT)
From July 1st 2018, Victorian solar power customers can expect to get even more back for their excess energy, providing yet another benefit of going solar. When new changes to Victoria’s Feed-in Tariff come into effect, solar customers will receive as much as 29 cents per kWh during peak times of the week. That’s because, for the first time, the Essential Services Commission (ESC) has set two FiTs: time-varying rates and single rates.
Single-rate feed-in tariff
The single-rate FiT is what most Victorians are on. It means you’re paid the same amount for your solar power regardless of the time of day. The ESC has decided to reduce this rate to 9.9c/kWh, representing a 1.4c reduction. This reduction is supposedly caused by falling daytime electricity prices relative to prices during the evening peak period. Mostly the price reduction is because solar only produces electricity through the day, rather than at night when it’s needed most.
Time-varying feed-in tariffs
Time-varying FiTs work in a similar way to electricity time-of-use tariffs. The rate you receive for exporting solar power to the grid will depend on the time of day. The tariff is split into three periods: peak, shoulder and off-peak. The new rates will be set as follows:
Peak – 3pm-9pm weekdays only – 29 cents per kWh (c/kWh)
Shoulder – 7am-3pm and 9pm-10pm weekdays; 7am-10pm weekends – 10.3 c/kWh
Off-peak – 10pm to 7am on weekdays and weekends – 7.2 c/kWh
How do I make the most of these changes?
If you want to get the maximum benefit from these FiT changes, there are a few things you can do:
1. Upgrade Your System
Take this as an opportunity to increase the size of your existing system. This will enable you to earn more for the excess power that your system produces, which in turn will shorten the payback period of your investment.
2. Become A Solar Household
If you don’t yet have a grid-connect solar power system installed, now is the time to act! Our technicians have extensive knowledge and expertise to help you find the right system for your home and install it correctly to help you maximise your savings under the new feed-in tariff.
What do I do next?
Get in touch with the Sunrun Solar team on 1300 782 068 or enquire online and allow us to help you make the most of this change.