This is called a solar feed-in tariff (FiT). It's a way for you to get paid for the extra electricity your solar panels create that you don’t use to power your home. If your home generates more power than you use, that extra energy goes back into the main electricity grid, and your energy retailer pays you for it.
If you have solar panels installed, you could be eligible for a feed-in tariff (FIT). A FIT is what we pay back on your electricity bill for every kWh of electricity your solar system exports back into the grid.
Key Aspects of Feed-in Tariffs in Australia:
Time-Varying (Time-of-Use): You get different rates on your solar exports depending on when you export electricity into the grid.
Retailer-Specific Rates: Currently, FiT rates are largely determined by individual electricity retailers. This means rates can vary significantly between different energy providers and even between different plans from the same retailer.
Single Rate: You get a flat rate per kWh for all electricity exported, regardless of the time of day.
Tariff rates depend on your state and may be funded by your state government, your energy retailer, or a mix of both. More information on solar feed-in tariffs right here.