Solar Premium Feed-in Tariff
Understanding the Solar Premium Feed-in Tariff in Victoria
Transitioning to Market Rates
From 1 November 2024, the Solar Premium Feed-in Tariff scheme will end, and households will be switched to the lower market feed-in tariff. This shift might increase energy costs, so it’s crucial to prepare in advance. The Solar Premium Feed-in Tariff was an initiative designed to benefit households with solar systems by allowing them to earn money for the surplus electricity they contribute to the grid. This tariff provided a higher rate than the standard market feed-in tariff, significantly enhancing the financial return on solar investments, ensuring that those who invested early in renewable energy can benefit from this initiative.
Here are some ideas that you can implement to keep your costs down.
1. Enhance Energy Efficiency
To lower your energy usage, consider these upgrades:
- Replace gas appliances: When your gas appliances break down, switch to electric ones. This lets solar offset some of your energy consumption.
- Use LED lighting: More energy-efficient and cost-saving in the long term.
- Heating & Cooling: Use split systems during the day (while solar is active) and gas at night for heating.
- Hot Water Systems: Replace your gas system with an electric or heat pump option and install a timer to avoid night-time operation.
- Smart Appliance Use: Delay your washing machine, dishwasher, and dryer to run during peak solar hours. Also, stagger appliance use to avoid heavy loads simultaneously.
2. Upgrade to a New Solar System
Investing in newer solar technology may have a higher upfront cost, but today’s systems are far more efficient:
- Older systems (10–15 years ago) usually range from 1.5kW to 5kW, which may no longer meet current energy needs.
- With increasing consumption from electric vehicles and upgraded appliances from step 1, newer, larger systems can help manage energy use more effectively and reduce reliance on the grid.
3. Consider Battery Storage
Adding battery storage helps store excess solar energy for later use:
- Think about how your energy use will evolve in the next 10 years, and consider systems that can accommodate battery integration later.
- Plan for future needs: Install systems like Powerwall 3 or BYD Battery Box, which are adaptable and future-ready.
4. Monitor Your Energy Usage
Tracking energy usage helps identify areas for savings:
- Free tools like Powerpal or the United Energy portal provide next-day data on energy usage.
- If you have a solar system with a smart meter, they provide more detailed data on home consumption versus solar generation. You can install smart meters to all our Fronius inverters.
5. Explore Available Rebates
Government rebates can offset the cost of energy-efficient upgrades:
- Check out Solar Victoria for available rebates, such as solar panels, hot water systems, and LED lighting.
- Programs like Vic Energy Upgrades (VEECs) offer additional savings on efficient appliances and systems.
6. Stay Informed
Regularly staying updated helps you manage energy costs better:
- Check your retailer’s offers to ensure you’re on the best energy plan.
- Subscribe to newsletters for updates on new initiatives and tariffs.
- Keep an eye on resources like Energy Victoria for advice on managing energy use.
Navigating the end of the Premium Feed-in Tariff doesn’t have to be complicated. With the right upgrades and strategies, you can continue to save on your energy bills. If you’re unsure about the next steps, we’re here to help!
Now’s the time to embrace solar energy with clean, renewable energy. Reach out to us to explore your options and take the first step towards a brighter, more sustainable future!