Back in November 2009, Victoria introduced the highly successful premium feed-in tariff (PFiT) program, offering households a generous 60 cents for every extra kilowatt hour of solar energy sent back to the grid. This initiative has been a game-changer, benefiting nearly 90,000 households, businesses, and community groups across the state.
But here’s the big news: the PFiT scheme has come to an end from the beginning of November 2024. That means no more premium payments for the excess solar energy your home generates.
What does this mean for you?
If you’re on the Standard Feed-in Tariff (FiT):
No need to worry. The standard FiT rates will stay the same, unaffected by the end of the PFiT program.
If you’re on PFiT:
As the PFiT wraps up, many energy retailers are no longer required to pass on those higher feed-in credits.
So, what’s next?
If you were one of the early adopters of solar power, now’s the time to think about how to make the most of your solar investment! Here are a few ideas to keep your energy savings going strong:
- Consider upgrading your system: Adding more solar panels or investing in a battery system could help you maximize your solar energy usage, reduce reliance on the grid, and keep your electricity costs down, even without the premium tariff.
- Explore incentives: In October 2023, Solar Victoria expanded eligibility for solar panel (PV) rebates to include households with systems over ten years old. If your system qualifies, you could reduce the cost of replacing or expanding your solar setup.
- Upgrade your system: If you’re currently receiving the PFiT, keep in mind that adding new solar panels may affect your eligibility for the scheme, which will end in November 2024. With solar technology advancing rapidly since 2009, upgrading to a more efficient system could be a smart move to avoid higher energy bills in the future.
Why choose UNIfied?
As the demand for renewable energy solutions continues to rise, UNIfied is here to help you take the next step. We offer bundled packages that include solar panels, battery storage, and heat pump hot water systems, giving you a comprehensive solution to power your home smarter and more sustainably.
Don’t wait until the last minute—get a UNIfied quote today for a new solar system with battery storage, or call us at 1300 817 847 to learn more about how we can help you save!
Let’s power up your home for the future!
