ATTENTION: OWNERS OF AN OLDER SOLAR SYSTEM IN VICTORIA
Higher power bills are coming your way
The 60 cents feed-in tariff coming to an end for Victorians – ACT NOW
If you’ve enjoyed lower electricity bills for the past decade or more, despite having an older style smaller PV system, then you are most likely on the very generous Victorian Premium Feed-in tariff.
Unfortunately this program is going to end in November 2024, and for solar owners enjoying the benefits of the scheme – higher electricity bills are on their way.
Often these older PV systems were only 1.5 to 3kW in size, not enough to power the family home, but the FIT made it possible for many, to receive a very low power bill.
Many older solar systems would benefit from a health check
So how can you avoid POWER BILL SHOCK?
Many owners of older solar arrays are deciding to replace their older system with a much larger one or expand their current one.
Such large solar systems can then run a heat pump to make hot water, support a home storage battery or run the air conditioner guilt free during hot days and possibly still have enough in reserve to charge an EV.
You can also leave your old system as is and add a 2nd solar system if you have enough roof space and your current system is in great working order.
We recommend you get a solar panel system that will suit your needs based on the current feed in tariffs.
Do not wait till November 2024
We at Solar Integrity say do not wait till November 2024 to start looking, when there will be a peak demand for upgrades but check out your options NOW. Avoid the last minute rush and we can take our time to design a customised solution to service you and your family or business for decades to come.
More details about the Feed-in Tariff (FIT) in Victoria
The Feed-in Tariff (FIT) in Victoria, Australia, has been an important program in promoting renewable energy adoption in the early days of solar. By promoting a high Feed-in tariff State Governments around the country incentivised homeowners to invest in solar and receive a Feed-in tariff significantly above the cost of electricity at the time.
While NSW had a 7 year scheme, Victoria ran a very generous 15 year program starting on the 1st of November 2009. Since that time Victorian solar system owners who qualified for the Premium FIT have seen significantly lower electricity bills despite many of these PV systems being relatively small. Some customers have even enjoyed no bills at all or having large credits.
Initially, when the program was launched, the FIT rate was set at a generous 60 cents per kilowatt-hour (kWh) for any excess electricity generated by their rooftop solar panels. The program was very successful as it appealed to early adopters and helped kick-start the uptake of solar power in the state.
While NSW ran a gross FIT scheme, whereby all power generated was paid at 60 cents, Victoria adopted the Net FIT program, where only the excess energy was purchased by electricity retailers at the set FIT rate of 60 cents (some got a little more if the retailer was generous) per kWh. So while less generous as their NSW counterpart, the long period of the program being 15 years, more than made up for this.
Those installing solar after the Premium Feed in Tariff Scheme closed to new customers enjoyed cheaper upfront costs of purchasing and installing systems in general, they also had a much smaller FIT. In February each year the Victorian Government announces what the FIT will be for the next year effective from July 1. This year (from July 1 2024 it will be 3.3c per kwh, for more information follow this link https://engage.vic.gov.au/minimum-feed-in-tariff-review-202425
The Premium FIT scheme undoubtedly was a great success as they assisted the renewable energy adoption in Victoria, contributing to the state’s transition towards cleaner and more sustainable energy sources. It has empowered households and businesses to become more self-sufficient in energy use and reduce their carbon footprint, allowing for lower power bills.
As the most generous FIT scheme in Victoria comes to an end in November 2024, many owners of older solar systems will be looking for new ways to keep their electricity bills manageable. One such way is to upgrade to a larger solar array. As many homeowners will be doing so around November /December, we advise to avoid the crunch and potential higher prices due to significant seasonal demand.
Talk to us at Solar Integrity today to start discussing what the best options are for you. We are only one phone call away to give you obligation free expert information.
