Residential customers with solar panels will see feed-in tariffs (FiTs) decline yet again this year, according to the final decision from the Essential Services Commission (ESC).
The minimum feed-in tariff is the amount a retailer pays you for solar energy that you export back to the Grid. Currently, the minimum solar FiT (which came into effect in Victoria on the 1 July 2021), is 6.7 cents per kWh for customers on a single rate tariff. The ESC has just announced its final decision to lower the feed-in tariff further from the 1st of July 2022, to 5.2 cents per kWh for a single rate FiT. The decision will be finalised in February next year.
Customers can still benefit from a time varying FiT. This could be more beneficial if you have a battery and can store your excess solar, and then export it to the grid in the evening or overnight. By doing this you can receive a slightly higher FiT (up to 7.1 cents per kWh from 1 July 2022).
There are also some options available from specific retailers who offer a premium FiT, often if you buy a solar panel or panel+ battery package through that retailer. More on them later!
