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red energy solar feed-in tariff

Solar feed-in tariffs (FiTs) is a financial incentive offered by electricity retailers to encourage homeowners and businesses to generate renewable energy. In New South Wales (NSW), the FiT is determined by the Independent Pricing and Regulatory Tribunal (IPART).

Under the FiT scheme, electricity retailers must pay customers for the excess solar energy fed back into the grid. This helps to offset the cost of installing and maintaining a solar panel system and can provide a financial return for homeowners and businesses that invest in renewable energy.

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Eligibility

To receive a feed-in tariff, a solar PV system must be:

To be eligible for the feed-in tariff in NSW, a solar panel system must be connected to the grid. A licensed and accredited installer must also install the system.

Independent Pricing And Regulatory Tribunal (IPART)

The Independent Pricing And Regulatory Tribunal (IPART) annually reviews the FiT rate in NSW. It may adjust based on various factors, including the cost of renewable energy generation, the level of solar panel installations in the state, and the overall electricity demand.

The agency issued recommendations for 2023-24, saying that solar users can expect 7.7 to 9.4 cents per kWh from their electricity retailer for excess solar electricity exported into the grid under an “all day” feed-in tariff rate. This is an increase from the previous guidance of 6.2 to 10.4 cents per kWh for 2022-2023.

In addition to the “all day” rate, IPART has recommended that power retailers offer “time-of-day” feed-in prices as an alternative option. Here’s how those benchmark ranges compare in 2022-23 to 2023-24.

Time period2022-20232023-2024
6 am to 3 pm5.6 to 9.7c7.2 to 8.7c
3 pm to 4 pm7.7 to 14.3c9.9 to 11.7c
4 pm to 5 pm12.3 to 24.8c12.2 to 14.9c
5 pm to 6 pm11.1 to 20.0c12.1 to 15.3c
6 pm to 7 pm16.3 to 27.4c23.2 to 27.3c
7 pm to 8 pm9.9 to 16.5c14.9 to 17.5c
8 pm to 6 am6.3 to 10.5c11.2 to 13.2c

Benefits

While the FiT can provide a financial benefit to those who invest in solar panel systems, it is important to consider the costs and benefits of installing a solar panel system before deciding. This may include evaluating the size of the system needed to meet energy needs, the location and orientation of the panels, and the potential return on investment.

The FiT in NSW is a valuable incentive for those looking to invest in renewable energy and reduce their carbon footprint.

Homeowners and businesses need to stay up-to-date on the current FiT rate and the eligibility requirements to take advantage of this opportunity.

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Incentives and rebates

In New South Wales (NSW), various incentives and rebates are available to residents and businesses to encourage energy efficiency, renewable energy adoption, and other environmentally-friendly behaviours.

One example of an incentive in NSW is the Low Income Household Rebate, which provides financial assistance to low-income households to help them pay for energy bills.

In addition to incentives for individuals, there are also incentives available for businesses in NSW. The Energy Savings Scheme is a government-run program that provides financial incentives to businesses that adopt energy-efficient technologies and practices. The program aims to reduce the state’s energy consumption and greenhouse gas emissions by encouraging businesses to invest in energy-saving technologies and processes.

Incentives and rebates can encourage individuals and businesses to adopt certain behaviours or make certain purchases. In NSW, various incentives and rebates are available to encourage energy efficiency, renewable energy adoption, and other environmentally-friendly behaviours. These incentives can help reduce greenhouse gas emissions, increase the use of renewable energy, and provide financial assistance to those in need.

Is there a minimum feed-in tariff in NSW?

In NSW, there is no minimum feed-in tariff rate. Individual electricity retailers assign value to exported solar power. Therefore, energy suppliers are incentivised to offer a decent feed-in tariff rate to win customers installing solar panels.

Is there a minimum feed-in tariff in NSW?

Comparison by retailers

Best feed in tariff NSW

Top 3 Feed-in Tariff rates NSW
RETAILERSMIN SOLAR FiTMAX SOLAR FiT
Simply Energy5.5c12c
EnergyAustralia7.6c12c (first 15kWh/day, 7.6c thereafter)
Origin Energy7.0c20c (must purchase solar system through Origin that’s under 7kW)
Feed-in Tariff rates for major NSW retailers
NSW MAJOR RETAILERSMIN SOLAR FiTMAX SOLAR FiT
AGL5.0c15c (for first 10kWh/day, 7c/kWh thereafter)
Sumo8.0c8.1c
Alinta Energy6.7c6.7c
Momentum Energy0c7.0c
Dodo6.2c6.2c
Red Energy6.0c12.0c (first 5kWh/day, 6c thereafter)
1st Energy6.0c6.0c
CovaU Energy0c5.5c

Read more about feed-in tariff

Switching to a better plan?

You may already have an energy plan but want more power or to shop for a better deal.

Energy Matters‘ “Free Energy Bill Comparator” is a cutting-edge energy bill tool that compares your area’s most competitive retail offers. We collect the data from our wide range of trusted retailers, allowing you to decide on the switching plan and find the best deal for your needs.

If your goal is to get more electricity and minimise the cost of your gas and electricity bills, switch to a better plan now!

UPDATED JANUARY 2024