How do feed in tariffs work?

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How do feed in tariffs work?

If you are a homeowner in Queensland with solar installed, you may be eligible to receive feed in tariffs from your energy provider.

What are feed in tariffs?

Feed in tariffs (FiT) are credits received for the excess and unused electricity that is generated from a solar PV system that isn’t used to power the home, and sent back to the grid. It is paid to the homeowner by way of credit on their next electricity bill at a set rate per kilowatt hour.

How do you access a feed in tariffs?

In South East Queensland (SEQ) electricity retailers offer competitive FiT’s for solar customers. It’s important to shop around to get the best deal, as retailers offer different rates!

What are feed in tariff rates?

These feed-in tariff rates are monitored by the Queensland Competition Authority to ensure that prices between retailers are monitored and consumers can ensure they’re getting the best deal for their usage. The Energy Made Easy website which is managed by the Australian Energy Regulator, provides an easy to use comparison tool for you to see what rates retailers are offering.

In Regional Queensland, customers receive a flat-rate tariff where eligible from Ergon Energy Retail and Origin Energy. This rate is set by the Queensland Competition Authority at a rate of 7.861 cents per kilowatt hour, for 2020/2021.

How do feed in tariffs save you money?

To summarise; If you are producing more energy from your panels than you use to power your home, your energy provider pays you for this. If you use all of it, it will be offset against your usual electricity bill. Either way, your energy costs are significantly less than not having solar energy power your home.