If you already have solar panels in your home or business space in New South Wales (NSW) or are considering opting for the system, you will be familiar with feed-in tariffs (FiT).
As many perceive solar power as the first choice for renewable energy in Australia, investing in the system can offer tremendous benefits in the long run.
Besides benefiting from the system, you can also maximise the return on your investment by finding the best solar feed in tariff NSW to suit your requirements.
So, what is the feed-in rate, and how do you find the best rates in NSW?
What Is Feed-In Tariff?
A solar feed-in rate is a fee or rate paid to the customers who help put electricity back in the grid. In NSW, the Independent Pricing and Regulatory Tribunal (IPART) sets a benchmark rate for the feed-in tariff.
Small businesses and residential households in the state that depend on solar panels, wind turbines, and other small-scale energy generators can give back unused electricity to the electricity grid for the rest of the customers to use.
In exchange for this contribution, you will receive a rebate on the energy bills for every kilowatt/hour you contribute.
Several electricity suppliers in NSW provide feed-in tariffs to the customers who have home solar systems. Given that many electricity retailers are working across the state, how do you find the best solar feed-in tariff rates in NSW?
Check the Solar Feed-in Rate in NSW
Currently, solar feed-in rates in NSW are offered under Voluntary Retailer Contribution. It means that the NSW electricity retailers don’t have to pay for the electricity exported to the grid necessarily.
However, most of the reliable electricity in the city pays the rebate for the amount of energy you export.
According to the decision of the Independent Pricing and Regulatory Tribunal in May 2020, the primary solar feed-in tariff for NSW for 2020-21 is 6.0 – 7.3 c/kWh.
Compare Different Electricity Retailers
Remember that the solar feed-in tariffs in NSW usually come with some strict conditions. Some energy retailers may offer a high feed-in tariff if you buy a system from them, while others may give a premium rate if you change providers.
One of the easiest ways to find and compare the best solar feed-in tariff in NSW is by comparing different electricity retailers with the help of reliable online comparison tools.
Compare different local electricity retailers and the maximum solar feed-in tariff they offer before settling on one.
Find The Right Electricity Plan
In NSW, the current feed-in tariffs are what electricity retailers offer, and they can range from zero to up to 16 c/kWh in South Australia.
Sometimes, the highest solar feed-in tariffs may not necessarily be the best option to choose, nor may they result in low electricity bills.
While looking for solar feed-in rates, you must settle for an electricity plan offering a balance of low daily charges, feed-in tariffs, and low usage tariffs. Visit a reliable energy compare platform and compare the retailers’ feed-in tariffs and energy plans for the solar energy system owners.
Compare Feed-in Tariffs and Electricity Bills
An essential factor that you should look at is the standard electricity rate or a bill you can get from a retailer compared to the others and how they compare with others in competition.
A suitable feed-in tariff alone will not help you if your standard electricity bill for peak time usage is exceptionally high.
Remember that you must make at least a minimum of 50% savings on your annual electricity bill with the help of a solar energy system and the best feed-in tariffs.
According to the latest surveys of Energy Consumer Australia, 74% of residents in NSW have a positive experience with the services and tariffs offered by the local electricity and gas retailers. So, look for a retailer in NSW who provides an excellent feed-in tariff along with an equally good electricity charge.
Use an Online Comparison Tool
To find the best solar feed-in tariff in NSW, you must value the supply charges and usage rates. With an online comparison tool, you will get a personalised cost ranking of all the electricity plans based on your energy usage and unique solar export.
The online tool includes the top retailers from across NSW, different tariff types, solar feed-in rates, limits, discounts, concessions, and more. It will help you find the best solar feed-in tariff according to your usage and requirement.
With the high electricity prices, good sunshine hours, and incentives available, solar power is now an attractive option for residents of NSW. If you live in NSW, the federal government solar rebates and feed-in tariffs from your retailer can turn your solar power system into a profitable investment.