What is a feed-in tariff?
A feed-in tariff is a payment made in exchange for electricity that is fed back into the electricity grid from the generation of renewable energy, such as solar Photovoltaic (PV) system. Every state sets the minimum feed-in tariffs that your energy company is required to pay you for power you export to the grid via sources including solar panels. Energy retailers from time to time will also offer you a premium on top of the minimum rate of feed-in tariff. Because feed-in tariffs are voluntary in many states, solar system owners must shop around to get a high buy-back rate from energy companies. Alternatively, we can help find a retailer that offers you a better feed-in rate.
Retailer-paid feed-in tariffs Explained
Energy retailers in each state offer feed-in tariffs at different rates. Depending on the energy company the rates and offers may vary as it includes several components such as the energy usage charges, the daily supply charge for being connected to the network and the feed-in tariff for electricity that you put back into the grid. Your usage and supply charges also may have discounts that either can be Guaranteed or Pay on time discounts (POTD) and can may be applied just to Usage component or to both the Usage and Supply components of the bill.
Make the most of your solar power
To get the most out of your solar PV generated electricity, consider few of the options below to make sure you are using your own solar power generated by you PV system before paying to use electricity from the grid.
This can be done by:
➢Using set timers on appliances such as dish-washers and washing machines –also, try to operate these appliances during hours when there is daylight.
➢If your home or office is powered by solar PV generation, and you are using heating or cooling appliance, try and pre-heat or pre-cool your house to take advantage of unused solar electricity generated in daylight hours.
➢Program your appliances, including your heating/cooling units to switch off earlier in the day.
➢Batteries are an efficient way to store the unused solar power generated during the day and use it during non-day light hours to help reduce your power consumption and also save you money.
➢Batteries are still relatively expensive to install.
➢The size of your Solar PV system, the weather in your region and the amount of electricity generated by and also the unused electricity remaining will determine if the Battery storage is a worthwhile option for you.
➢Its best to weigh out the above essentials before you make your battery purchase.