The residents of Victoria are now able to benefit from new time-varying solar feed-in tariffs offered by EnergyAustralia. They are the first retailer to offer this and so, four residential electricity plans were released that offer residents the chance significantly increase their standard feed in during peak times. This provides residents with a number of options that they can choose from, enabling them to find one that works best for them.
Earlier in 2018, Victoria's Essential Services Commission made a recommendation that solar owners should benefit from better prices that accurately reflect the wholesale cost of electricity when they choose to sell it back to the grid. So, they then decided to create minimum rate for an optional time-varying solar feed-in tariff. This then made it possible for retailers to make this a viable option for customers. However, retailers were slow on the uptake but by the time 2019-20 arrives, all retailers will be expected to offer this range of new tariffs. This will mean that residents will then be able to choose a tariff that works for them.
How much does it all pay?
In the same way as Time of Use tariffs, time-varying solar feed-in tariffs operate in very much the same way. There are periods known as peak, shoulder and off-peak and the different feed-in tariffs are paid to homes with solar panels depending on when they give electricity back to the grid.
At peak, they will receive 29.0 cents per kWh, during shoulder times they will receive 10.3 cents per kWh and during off-peak, they will receive 7.1 cents per kWh. All of these rates are the minimum rates and have been set by the Essential Services Commission.
So, if solar owners are prepared to make a change and move away from peak soar tariff hours, they could earn more for their electricity.