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Solar energy has emerged as a vital source of renewable energy to produce electricity. All over the world, people are using solar energy today to harness its benefits in terms of costs, efficiency, rebates and feed in tariff.
In New South Wales, solar feed-in tariffs have become the talk of the town with growing inclination of residents towards solar-generated electricity. These feed-in tariffs have also pushed residents to adopt solar energy thus supporting the region’s environment and economy.
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A solar feed-in tariff is a payment that your solar retailer pays you. This payment is basically a compensation for the extra clean energy that your solar panels feed to the local grid instead of using energy from the grid.
Solar feed-in tariffs are set by the retailers. A few years ago, when solar panels were a new concept in the market, the feed-in tariffs were a lot higher to encourage early adoption. However, as solar panels became more common, these tariffs have been immensely reduced .
Currently solar feed-in tariffs in New South Wales are provided as voluntary retailer contributions. This refers to the payments made by retailers for the energy you export from your solar panels system.
In June 2022, the Independent Pricing And Regulatory Tribunal (IPART) recommended an “all-day” feed-in tariff benchmark rate guidance for 2022/23; being 6.2 to 10.4 c/kWh.
In late April 2023, IPART published guidance for 2023-24 – 7.7 to 9.4 c/kWh.
However, these are simply benchmark ranges, but many retailers may provide rates that are much higher. As an alternative, time-dependant feed in tariffs can also be paid by the retailers as per the following benchmarks:
In New South Wales, different retailers offer different feed-in tariffs to solar panel users. These tariffs vary from one retailer to another and depend on various side factors too.
However, it is not necessary that a high feed-in tariff will ensure lower power bills. There are so many plans where the feed-in tariff is relatively low, but the retailer offers an overall preferable deal due to low daily charges and consumption costs.
Here we will present you with some of the best solar feed-in tariffs that you can avail in New South Wales as a solar consumer. The guide will help you choose the best retailers offering the best feed-in tariff deals.
➜ GloBird Energy
GloBird Energy offers a minimum solar feed-in tariff of 1 cent per kWh and maximum 17 cents per KWH. These are offered for the initial 8 kWh of energy per day then an FIT of 3 cents is offered after that.
PowerShop adequately rewards you for your solar energy generation. It provides a minimum solar feed-in tariff of 0.0 cents per kWh and the maximum goes up to 13 cents per kWh with a condition for system size to be of maximum 10kW.
➜ Red Energy
Red Energy offers you a minimum feed-in tariff of 6 cents per kWh while the maximum feed-in tariff goes up to 12 cents per kWh. This feed in tariff is capped at the first 5 kWh per day.
➜ OVO Energy
OVO Energy offers solar feed in tariffs in New South Wales with a minimum FIT of 0 cents per kWh that goes up to a maximum of 12 cents per kWh energy.
➜ Simply Energy
Simple energy comes with adequate feed-in tariff packages for solar consumers. The solar feed-in tariff provided by Simply Energy ranges from a minimum of 8 cents per kWh to a maximum of 12 cents.
➜ Origin Energy
Origin Energy offers solar feed-in tariffs ranging from at least 2 cents per kWh to up to 12 cents. The tariff is offered only if you buy solar through Origin.
AGL offers solar feed-in tariff of minimum 5 cents and maximum 12 cents per kWh. These solar feed-in tariffs are valid for system size of maximum 10 kW.
ActewAGL offers decent feed-in tariffs to customers using solar energy in New South Wales. The tariff rates range from minimum 8 cents to maximum 12 cents per kWh.
➜ Energy Locals
Energy Locals has quite nominal rates of solar feed-in tariff. In New South Wales these rates revolve around 11 cents per kWh of energy fed.
➜ Energy Australia
Energy Australia has a minimum feed-in tariff rate of 7.6 cents per kWh and a maximum of 10 cents per kWh. The FIT rates are valid for a system size of maximum 10kW.
Sumo offers you minimum feed-in tariff at the rate of 5.5 cents per kWh and a maximum FIT rate of 8 cents per kWh in New South Wales.
➜ Momentum Energy
Momentum Energy offers you a minimum solar feed-in tariff of 0 cents per kWh and a maximum rate of 7 cents per kWh of solar power fed.
➜ Alinta Energy
The feed-in tariff rate of Alinta Energy revolves around 6.7 cents per kWh. Alinta Energy applies a condition for inverter size to be of maximum 5kW.
Dodo offers solar feed-in tariff rates of 6.2 cents per kWh to the solar customers in New South Wales.
10 popular Best Solar Feed-in Tariff NSW Infographic
Over the years, the rates of solar feed-in tariffs have declined to a large extent. Hence, relying totally on solar feed-in tariff while availing a solar panel system is not a wise choice. Rather, you should consider a few side factors too to ensure an optimal selection of the retailer.
While choosing a solar retailer, opt for the one that offers better customer service and support when needed. A company with an outsourced support team may not be that effective. Similarly opt for the one that offers economical rates for solar panel systems and installation services.
Lastly, a more environmentally conscious retailer would be a preferable choice. Meanwhile, increasing electricity prices should also be a matter of concern to you, encouraging you to invest in a solar panel system that can provide financial freedom amid sky high electricity rates .
Currently no minimum feed-in tariff rates are set for solar users in New South Wales. Instead, these rates are set by retailers depending upon the feasibility and market trends. Solar power market is highly competitive, so the users get adequate rates as a tariff for feeding power back to the grid.
Although there are no minimum mandatory rates, Energy NSW has set the benchmark rate of 4.6 to 5.5 cents per kWh for the year 2022/23 in New South Wales (NSW).
The rates of solar feed-in tariffs were much higher initially to give a boost to the emerging solar industry. Back in 2010, solar consumers were offered feed-in tariffs at the rate of 60 cents per kWh under NSW Solar Bonus Scheme for 7 years.
During those times, solar panels were very costly, so the initiative was taken to encourage public inclination towards the solar market.
The FIT rate was significantly reduced to 20 cents per kWh in October 2010. Later in April 2011, the premium feed-in tariff scheme was closed by the NSW Government.
Since then, the feed-in tariff rates are set by retailers considering the market trends and economic conditions.
As the tariff rates have been significantly reduced, users are opting for systems that can make them self-sufficient for whole day power requirements instead of ones that can feed additional energy to the grid for feed-in tariff.
The Solar Industry witnessed a significant boost thanks to the high rates of feed-in tariff in the past years. However, these tariff rates are much lower today and are set by the retailers as per market trends and economic conditions.
Here, we have explored some of the best solar feed-in tariffs that you can avail in New South Wales as a solar customer. With precise comparison of various retailers, you can opt for the right retailer offering the best feed-in tariff rates for every kW of power that you feed into the national grid.
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