These days FIT- Feed In Tariffs are much lower than earlier, and if you are interested in solar power for some businesses, there are some really exciting and great incentives and benefits to using solar PV technology for electricity generation.
FIT( Feed In Tariffs) it is referring to the rate you get paid for sending one unused electricity back to the electricity grid, and it appears as a credit on your electricity bill. It is paid to you from your electricity retailer.
Earlier, FITs were offered at very high rates compared to today’s rates. FiTs of up to 60c for each kilowatt hour of excess solar energy were not unusual. The purpose of high FITs was to encourage the take-up of solar energy in its early days and help make the costs of installing solar PV panels more palatable as it was so expensive.
But the cost of purchasing and installing solar PV systems using solar panels has gone down over the past decade, and the amount of excess energy going back into the grid has increased.
Solar helps not only environmentally but financially also.
Financially: By installing solar panels and using your own energy rather than sending it back to the grid, you avoid retail electricity charges and will save money; if you use your own solar-generated power, then it’s your power using all day for the appliances.
Environmentally: One can help the environment by generating your own energy using the sun’s rays – renewable energy, such as solar, is a very cool (or hot) investment because the electricity generated from your solar panels involves no burning of fuels or direct emissions.
- Running your appliances during the day to maximize those free rays
- If you’re not home during the day, use timers to set your appliances
- Consider installing a battery
Australia prioritising the rapid and vast expansion of solar energy generation. By looking at your solar system as a way to reduce your electricity costs for your home or business or by using your own solar system to generate electricity rather than earning credits for the energy you feed back to the grid, you can see that it’s still a very worthwhile long-term investment.