If you’re considering switching to solar power in Victoria, it’s smart, especially as the state moves towards a greener future. Not only will it help reduce your bills, but it will also contribute to cutting down carbon emissions, making Victoria cleaner and more sustainable. In 2024, there are plenty of solar feed-in tariff (FiT) options to choose from, which might feel a bit overwhelming. Understanding how they work can make a huge difference in saving money. Simply put, a FiT is the rate your electricity retailer pays you for the extra energy your solar panels send back to the grid. In Victoria, this means cutting energy costs and getting rewarded for contributing clean energy.
Victoria offers two types of FiTs: single-rate and time-varying. A single-rate FiT gives you a flat rate for every kilowatt-hour (kWh) you export, no matter the time. On the other hand, the time-varying FiT offers different rates throughout the day—higher during peak times. This is great if your system generates most of its power when demand (and rates) are high.
Finding the best solar feed-in tariffs Vic offers is important to making the most of your solar setup. Don’t just chase the highest rate—consider your energy habits, the size of your solar system, and the best deal that matches your lifestyle. The best tariff for you can help you save big and put more cash back in your pocket.
Whether you’re just starting or already using solar, getting familiar with the best feed-in tariffs in Victoria offers can boost your savings and help you make a positive impact. Every bit of energy you export saves you money and supports a greener Victoria.
In 2024, the solar landscape in Victoria is adorned with a myriad of options. To find the best option for your home, it’s important to understand how the solar feed in tariff Victoria works so you can save on your bills and help work towards a more sustainable future.
This comprehensive guide explores the 10 best solar feed in tariff Victoria for 2024. We’ll also go through their best plans and features. So let’s get started.
Why is Solar Power Becoming a Necessity?
Solar power has become more and more popular in recent years, and as Australia transitions to a renewable energy future, it may soon become a necessity.
The solar rebate Victoria 2024 is the state government’s way of supporting Australia’s 2050 Renewable Energy Target (RET) by offering a subsidised solar feed in tariff (FiT) to help support residents through the transition to renewables.
The government’s financial incentives, along with the technological advancement of efficient and affordable choices of solar panel energy storage solutions and smart grid integration has enhanced the feasibility of solar power throughout the Victorian state.
Why choose a higher solar feed in tariff VIC?
The solar feed in tariff is a payment received from your electricity provider for the excess energy produced and returned to the grid. The price per kilowatt that you receive varies between electricity retailers, so it pays to look around for the best solar feed in tariff VIC because it could make a big difference to your bill. This payment is usually paid as a credit to your future electricity bills. In many cases, your electricity bill can be almost entirely offset by the excess energy you sell back to the grid.
Solar Feed In Tariff vs Energy Rates: How Do They Differ?
A feed in tariff Victoria is a financial incentive that is offered by energy providers to customers generating excess electricity through renewable sources like solar panels. When this excess energy is fed back to the grid, consumers are paid at the rates the energy retailers are offering.
By promoting clean energy generation, FiTs contribute to reducing carbon emissions and fostering a greener environment. The best solar feed in tariff VIC typically has a fixed term during which the rate is guaranteed, providing stability for the customer.
Energy rates, in contrast, refer to the amount consumers pay per kilowatt-hour (kWh) of electricity consumed. These rates vary based on factors such as location, energy provider, consumption patterns, and sometimes the time of day.
While FiTs promote renewable energy adoption and environmental sustainability, energy rates reflect the economic dynamics of the energy market and determine the cost consumers pay for their electricity usage.
Here’s a birdseye view that highlights the differences between feed-in tariffs and energy rates:
Aspect |
Feed-In Tariff (FiT) |
Energy Rates |
Definition | Incentives paid for surplus renewable energy fed back into the grid. | Cost consumers pay for electricity consumed, typically per kilowatt-hour (kWh). |
Purpose | Encourage renewable energy adoption, support grid stability, and reduce carbon emissions. | Revenue for energy providers covers production, infrastructure, and maintenance costs. |
Calculation Basis | Compensation per kWh of surplus energy fed back. | Cost per kWh of electricity consumed by the user. |
Beneficiaries | Owners of renewable energy systems (e.g. solar panels) that generate excess electricity. | Consumers, businesses, and industries use electricity from the grid. |
Incentive Structure | Typically higher than standard energy rates, encouraging investment in renewable technologies. | Fixed or variable rates are based on market dynamics, influenced by supply, demand, and regulatory factors. |
Duration | Fixed term for 6 to 12 months, offering stability for investors. | Ongoing or fixed term, subject to market fluctuations and contractual agreements. |
Environmental Impact | Promotes clean energy generation, reduces carbon emissions, and supports environmental sustainability. | Reflects market dynamics, not directly tied to renewable or clean energy sources. |
Billing | Providers pay users for surplus energy fed back into the grid. | Consumers pay providers for electricity consumed, reflected in monthly bills. |
Usage Focus | Focuses on surplus energy generation from renewable sources (e.g., solar, wind). | Applies to all electricity consumed, for residential, commercial, and industrial purposes, regardless of sources. |
Top Three Solar Plans in VIC 2024
If you are in Victoria, when you compare energy plans you’ll find a great range of solar and carbon-neutral plans. We’ve chosen our Top 3 below:
Retailers | Plans | Solar Feed-in Tariffs (c/kWh) | Rebates |
Origin Energy | Solar Boost | 5.4 | $16.20 |
EnergyAustralia | Solar Max | 12 (first 15 kWh/day), 6.6 thereafter | $36.00 |
AGL | Residential Solar Saver | 4.9 | $14.70 |
-
Origin Energy – Solar Boost
Origin Energy’s Solar Boost plan has a competitive solar feed-in tariff of 5.4 cents per kilowatt-hour (c/kWh) in Victoria. With an estimated daily feed-in of 10 kWh from your solar system to the grid, you could receive a monthly rebate of about $16.20. This plan stands out because it has no exit fees and no lock-in contract, allowing you to switch plans if your needs change. Origin Energy’s Solar Boost plan is an excellent choice for those seeking a hassle-free and flexible solar feed-in tariff option.
-
EnergyAustralia – Solar Max
EnergyAustralia’s Solar Max plan offers a higher solar feed-in tariff of 12 cents per kilowatt-hour for the first 15 kWh exported daily and 6.6 cents per kWh after that. This means you could earn up to $36.00 in monthly rebates if you feed in 10 kWh daily. With no exit fees and a month-to-month contract, this plan offers flexibility and the chance to maximise your solar savings. It’s a great choice for those who want a high feed-in tariff without being tied down to long-term contracts.
-
AGL – Residential Solar Saver
AGL offers a solar feed-in tariff of 4.9 cents per kilowatt-hour. This results in an estimated monthly rebate of $14.70 based on 10 kilowatt-hours fed into the grid per day. While this plan may not have the highest tariff rate, it is a reliable option from one of Australia’s leading energy providers. AGL’s Residential Solar Saver plan comes with a 12-month lock-in contract, but there is no exit fee, so you can leave the plan if necessary. However, consider the commitment carefully if you prefer a flexible arrangement.
In Victoria, many electricity companies offer solar feed-in tariffs (FiTs) in addition to AGL, Origin Energy, and EnergyAustralia. Some smaller or alternative companies include Powershop, known for focusing on renewable energy; Red Energy, owned by Snowy Hydro and emphasizing customer service; and Energy Locals, offering no lock-in contracts and competitive FiT rates. Others like Amber Electric provide wholesale pricing with dynamic FiTs based on market conditions, while OVO Energy and GloBird Energy also offer simple, eco-friendly plans with decent FiT rates. If you’re considering solar options, compare these companies to find the best fit for your energy needs.
Best Solar Feed In Tariff Victoria 2024
Imagine a world where your energy bills transform into a source of income while reducing your carbon footprint. Well, if you find the right solar feed in tariff for your home, it could become a reality!
To help you decide between the multitude of options, we have gathered the best solar feed-in tariffs VIC 2024. This will guide you to make informed decisions tailored to your specific needs.
Retailer |
Maximum Feed-In Tariff (FiTs) c/kWh |
Minimum Feed-In Tariff (FiTs) c/kWh |
Energy Australia |
5.40c |
15.00c |
AGL |
5.20c |
15.00c |
Origin Energy |
5.20c |
12.00c |
Simply Energy |
5.20c |
11.00c |
Sumo |
5.20c |
10.20c |
1st Energy |
5.20c |
9.90c |
Energy Locals |
8.30c |
8.30c |
OVO Energy |
5.20c |
7.00c |
Circular Energy |
7.00c |
7.00c |
CovaU |
6.70c |
6.70c |
Smart Meters and FiTs in Vic
To make the most of solar FiTs, many homes in Victoria use smart meters. These modern meters give accurate, real-time information on electricity use and solar energy sent back to the grid. Unlike old-style meters, smart meters automatically send readings to your energy company, so you get the right FiT payments without needing manual readings. Smart meters also work with time-based FiTs, which is important for homes that want to earn more by exporting electricity during peak times. In Victoria, most homes with solar panels already have a smart meter because they are required for new solar connections. If you don’t have one yet, your energy company can arrange an upgrade, often at little or no cost. By combining a good FiT plan with a smart meter, Victorian homes can effectively manage their solar energy and get the most financial benefits from their solar investment.
Save Big on Energy Bills with Victoria’s Solar Rebates & Tariffs
Victoria provides great opportunities for homeowners to save money on their energy bills by offering attractive solar rebates and feed-in tariffs (FiTs). These incentives make it easier for households to use solar power, reducing electricity costs and their carbon footprint. By taking advantage of Victoria’s generous solar rebates and FiTs, homeowners can significantly reduce the costs of installing solar panels and save money in the long run.
The Solar Homes Program by the Victorian Government offers rebates of up to $1,400 for eligible households installing a solar panel system. Additionally, interest-free loans matching the rebate amount are available, allowing homeowners to spread out the cost of their solar investment over time. This financial support can make a big difference, reducing the upfront expenses associated with solar installation and helping more Victorians access clean, renewable energy.
Wrap Up
The significance of solar power and the associated feed-in tariff cannot be overstated. With the abundant opportunities in Victoria, both individuals and businesses can save money and help the environment with a solar power system. Choose the best solar feed-in tariff VIC and plan, and contribute significantly to a cleaner, greener, and more sustainable world.