When you are looking to be more eco-friendly and save money simultaneously, the first area you can target is your energy bill. Your electricity requirements could constantly require you to pay hundreds of dollars.
If you have a solar system or are thinking about getting one, you should look for the best feed in tariff QLD. Depending on your solar energy system and your requirements, you can consider choosing from a range of available feed-in tariffs.
What is a Feed-In Tariff?
A feed-in tariff (FiT) gives money back on the solar power you generate at your home. Any surplus energy that is not consumed by your household can be eligible for a feed-in tariff. This type of tariff is also known as ‘buy-back rate’ or ‘solar tariff’.
It was initially introduced so that people would be encouraged to adopt renewable energy sources and receive rewards for them as well. Depending on which energy retailer in QLD you’re receiving FiT credit from, the rates can vary.
Types of Feed-In Tariffs
There are mainly two types of FiTs. They are:
- Net FIT: Most prevalent kind of FiT in Australia. It provides credit on surplus energy that is given back to the electricity grid.
- Gross FIT: These are an older version of FiT that is mostly not offered by retailers. In this, households would receive a credit for every kWh produced by the solar energy system, no matter how much of it was consumed.
You can also find FiTs like:
- Single-Rate FiT: You will receive the same price for the energy you give back to the grid regardless of the time the power is exported. It is a common form of FiT offered by most retailers.
- Time-Varying FiT: Different rates are paid depending on when you’re exporting the energy back to the grid. You can get different rates for peak, off-peak, and shoulder periods.
Save Money on Your Bills
Ultimately, with a FiT, you are eligible to save more on your monthly energy bills and even make some extra credits to use later. It’s a sustainable way to get consistent discounts and credits added to your account that can help keep your household budget under control.
If you’re looking to maximise your FiT credits, you could opt for time-varying FiTs and only give to the primary electricity grid during peak hours. You could invest in a solar battery to store the energy produced by your solar system and only export it to the grid during optimal hours.
What to Consider With a Feed-In Tariff
The most crucial thing to consider with your FiT is convenience. Depending on how much surplus energy you’re producing and what time it’s being produced, you could get a significant number of credits in no time.
However, it would be best to consider whether you have to manually begin the exporting process because that would entail someone being at home during those times. If you’re only looking to supply during peak hours, you also need to know what those hours are and what type of credits you will be receiving.
Make Ideal Use of Your Feed-In Tariff
When looking for the best feed-in tariff in QLD, ensure that you’re analysing all the aspects and then making a decision. Making a hasty decision could not only be detrimental to your energy bills but also ensure you’re not fairly compensated for the excess energy.
You should check the terms & conditions, other rates applicable, and support service availability as well before you make your decision about which type of FiT is ideal for your requirements.
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