EnergyAustralia offers Victorian customers new time of use solar feed-in tariff
Retailer EnergyAustralia is now offering customers in Victoria a time of use solar feed-in tariff which changes according to time of day.
The Victorian Government’s Essential Services Commission introduced the time of use (TOU) tariffs on July 1 this year.
EnergyAustralia is the first Victorian retailer to offer the TOU solar tariff. Victorian customers who have a solar power system can now receive higher FiTs for feeding energy back to the grid at times of peak demand, such as the late afternoon to early evening.
How the Victoria time of use solar feed-in tariff works
The top FiT in the TOU scheme is 29c/kWh. Customers who feed excess solar energy back to the grid between 3pm and 9pm on weekdays receive this.
The tariff drops to 10.3c/kWh during shoulder periods. This includes 7am-3pm and 9pm-10pm on weekdays. It also applies between 7am and 10pm on weekends.
Off peak times offer the lowest rate. Customers feeding in overnight between 10pm and 7am will receive 7.1c/kWh.
Victorian EnergyAustralia customers were receiving a standard flat rate 9.9c/kWh. This rate applies any time of day or night. However, they can now choose the flat rate or the TOU tariff.
EnergyAustralia TOU boost for home batteries
The solar industry gets a big boost form the introduction of a premium solar tariff for peak demand. Solar panels therefore become an even more cost-effective option.
Solar batteries will also become more appealing. This is because owners of solar battery systems can choose to store excess energy and feed it back to the grid when it’s most needed. This way they receive top returns.
The Essential Services Commission may extend the TOU scheme after one year of operation depending on its assessment.
sonnenFlat users also enjoy top returns
Another way to make the most of your solar power is to be part of a virtual power network (VPP). Members of the sonnenFlat scheme already generate, share and trade their solar power as part of a virtual power plan.
They then receive a guaranteed amount of annual electricity annually with no electricity bills. Members instead pay a flat fee starting at $30 per month.
As a result VPPs allow energy storage companies like sonnen to compete with companies like EnergyAustralia. In effect, they become power retailers too, leveraging on the combined capacity of their members’ solar power.