Solar feed-in tariffs (FITs), sometimes known as buyback rates, are financial incentives you receive for the excess solar energy you export back to the main power grid.
Australia’s national solar rebate subsidy is a separate incentive offering a discount on a new solar system price. This can be worth thousands of dollars, so it is worth researching if you’re considering installing a solar system.
Since the electricity retailers decide rates, rates can vary. The tariff should appear on your bill, but if you cannot find it, you can alternatively contact your retailer to check the current rate.
The Australian government created FITs and rebates to encourage uptake of solar and provide incentives to those wishing to install a residential solar system. The size of the system decides if you are eligible for these FITs and rebates as they are targeted to residential solar customers. Commercial systems can also be eligible for various Small-scale Technology certificates or STCs.
Because each state has different tariffs and rebates it’s important to check each state’s governmental site to calculate which rebates and/or FITs you are eligible for.
Victoria – feed in tariffs
Victoria – rebates + solar homes program
Queensland – feed in tariffs
NSW – feed in tariffs
NSW – rebates
ACT – Next Gen Energy Storage Program
SA – feed in tariffs
WA – feed in tariffs
TAS – feed in tariffs
NT – feed in tariffs
It’s important to remember that tariffs and rebates are only one financial benefit of a residential solar system. The best way to achieve maximum return on investment is to make the best use of the energy you generate. When self-consumption is factored into the total price, it works out to be worth using the energy you generate or even installing a battery to store energy for times when your system is not generating power.