When an eligible solar power system generates power you could earn credits on your electricity bill. Each state and territory has different requirements and Feed-in Tariff (FiT) rates.
Victorian Feed-In Tariff
The Victorian Government’s schemes are based on the net Feed-In-Tariff (FiT) model, that is only excess electricity is exported to the National Grid and the FiT is paid on this excess.
The Essential Services Commission (ESC) has adopted the recommendations in the draft decision released by the Essential Services Commission (ESC) in May 2014. A FiT of 6.2 cents per kilowatt hour (c/kWh) now applies from 1 January 2015. This minimum rate also applies to all customer that have been receiving the Fit of 8 cents from 2014.
The current FiT is the minimum amount that can be offered by an electricity retailer, this however does not prevent an electricity retailer from offering a higher FiT and it is always a good idea to research the FiT and rates offered by the electricity retailers.
There have been no changed to the Premium or Transitional FiT. The Premium FIT of 60 c/kWh which closed as of 29 December 2011 and the Transitional FIT of 25 c/kWh which closed as on 31 December 2012 will remain at these rates until the end of these schemes in 2024 for the Premium FIT and 2016 for the Transitional FIT.
New South Wales
The NSW Government’s gross feed-in tariff started at a rate of 60c/kWh but was reduced to 20c/kWh before the scheme finally ended. But those who are signed up to the Solar Bonus Scheme will continue to receive payments until 2016.
The current Feed-in Tariff for NSW is 6.6 c/kWh, however, the NSW regulator, Independent Pricing and Regulatory Tribunal (IPART), has recently released a final report in June 2014 which will reduce the Feed-in Tariff to 5.1 c/kWh for 2014/2015.