What is premium solar feed in tariff?
Installing a renewable energy system or a solar system is a significant financial investment that can also be a time-consuming operation.
For excess electricity put back into the grid, qualified households, businesses, and community organisations with small-scale solar systems of five kilowatts or less received a credit of at least 60 cents per kilowatt hour.
If eligible properties with an active Premium Feed In Tariff contract do not add further solar panels to their system, they will continue to earn this rate until 2024.
Changing Power Providers
Once you've proved your eligibility, you can move power companies or contracts and still receive the Premium Solar Feed In Tariff. Check to see whether your current contract has any exit fees before moving.
Increasing the Number of Solar Panels
If you add additional solar panels to your system after the scheme closes, even if the overall system size remains 5 kilowatts or less, you will no longer be eligible for the premium rate.
If you enhance your existing generation capacity after scheme closure and use an oversized inverter (for example, a four kilowatt inverter with 1.5 kilowatts of solar panels), you will still lose access to the premium rate. The current generating capacity is based on the total nameplate capacity of the panels as measured by the manufacturer under standard conditions.
Repairing or Replacing Damaged Panels
Without losing the Premium Feed In Tariff, you can replace old panels for maintenance reasons, such as storm or fire damage. All you have to do now is make sure the replacement panels don't surpass your system's original generating capacity. Net metering must be kept in place.
Due to renovations or the demolition of a home, you can remove your solar panels without forfeiting the Premium Feed In Tariff. You can keep your Premium Feed In Tariff eligibility if the capacity of your solar panels after renovation/demolition is equal to, or less than, the capacity before the renovation/demolition. In addition, after the installation is completed, the solar PV system must remain net-metered. The electricity generated by the solar PV system at the property is offset by the electricity spent at the property, which is referred to as "net-metered." In the case of residential properties, the newly refurbished or built home must still serve as your principal dwelling.
After the panels have been reinstalled, you or your installer may be required to re-register the Certificate of Electrical Safety with the distribution company. Other papers, such as the solar connection form and the Electrical Works Request, may need to be re-lodged as well. We recommend that you confirm this with the relevant distribution company.
The Premium Solar Feed In Tariff is tied to the land where the solar panels are installed, so you can't take it with you if you move. However, even if the house is sold and new residents move in, every residence that has signed up for the premium system will remain eligible until 2024.
The Addition of Battery Storage
Solar customers who add small-scale batteries to their existing PV system will continue to earn feed-in tariffs for the electricity generated and exported to their retailer. This also means that you can install a battery and still qualify for the Premium Feed-in Tariff as long as you meet your contract's eligibility standards.
The Premium Feed In Tariffs (PFIT) is a feed-in tariff that is designed to encourage the installation of renewable energy systems. This is a national program and it is funded by the Australian Government. The PFT program is designed to encourage households and businesses to install renewable energy systems, such as solar panels, by providing a higher rate of feed-in tariff for the electricity generated by these systems.