As of July 1 2018, the Victorian feed-in tariff has changed to reflect a new and revised time-varying tariff, this is a result of a revised feed-in tariff structure by the Victorian Essential Services Commission (ESC). A feed-in tariff is the amount of money paid to a homeowner in the form of a credit on an energy bill for any excess energy exported to the national grid.
A time-varying feed-in tariff will change depending on what time of day, your solar exports excess energy to the national grid.
Is there still a single-rate minimum feed-in tariff?
Yes, your energy retailer has the choice to provide you with the choice of either a single-rate minimum feed-in tariff of 9.9c/kWh or the new time-varying tariff as outlined above.
What does this mean for your current solar feed-in credit?
On your next energy bill, there will be two separate feed-in credits which will reflect the old (2017-18) credit rate and the new (2018-19) rate. With most energy retailers, you will have the choice to choose between which feed-in structure better suits your household. Contact your energy retailer for more information.
How will this affect your energy bill?
With the single-rate feed-in tariff decreasing to 9.9c/kWh, you will be more out of pocket when purchasing the same energy back from the grid during peak periods. Some retailers have been seen to charge customers up to 50c/kWh during peak periods, and with this lowered tariff, means that you will still be paying a premium for household energy from the national grid.
How to beat this new feed-in tariff?
By storing your solar power in a battery, you will be able to use more of the energy that your solar system has produced without the worry or added stress of a grossly inflated energy bill. When your solar is powering your home while the sun is out, any excess can be stored in a battery and used for when the sun goes down. This will protect you from changes to feed-in tariffs and energy wholesale price increases.
Storing more of your solar energy has never been this user-friendly. Learn more about energy storage and the benefits of off-grid capabilities here.
Learn more about the Victorian Essential Services Commission findings here.