There are so many reasons to install solar panels in Victoria, but most people just want to know how much they’ll be able to save on energy bills. Despite a plethora of contributing factors to any potential savings, it’s the feed-in tariff (FiT) that draws the most attention. This figure dictates how much of a credit households will receive on their power bills for exporting leftover electricity back into the grid.
But is it as simple as just signing up to the solar plan with the highest FiT? Often there are more factors at play that impact the overall price Victorians pay for power. With this in mind, let’s take a peek at the best solar feed-in tariffs in Victoria, as well as some other features to look out for to help maximise returns on your solar investment.
Who has the best solar feed-in tariff in Victoria?
Origin Energy and Tango Energy currently offer the best solar feed-in tariffs (FiTs) in Victoria at the time of publication, with eligible customers receiving 20 cents per kilowatt hour (c/kWh) of energy exported to the grid. The next best are 1st Energy at 15.2c/kWh and Momentum Energy at 13.5c/kWh. Note that the Victorian energy regulator has set a minimum FiT rate of 10.2c/kWh for solar customers on a single rate tariff.
Compare VIC Solar Plans
Here are some of the cheapest solar-specific deals from the retailers on our database. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices will vary depending on your circumstances. We show one product per retailer, listed in order of lowest price first. Annual price estimates assume general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Price estimates exclude solar feed-in tariff credits. Our database may not cover all deals in your area, and please check retailer websites for up to date information.
VIC Solar Feed-In Tariffs
Below is a list of solar feed-in tariffs showing both minimum and maximum rates available in Victoria. Please be aware that some retailers may not operate across all areas of Victoria, and some FiTs may only be available to customers who satisfy certain conditions. Please check each provider’s website for further details.
|Retailer||Minimum Feed-in Tariff (kWh)||Maximum Feed-in Tariff (kWh)|
|Origin Energy||10.2c||20c (must purchase solar system through Origin)|
|Tango Energy||10.2c||20c (must purchase solar system through Tango)|
Source: Canstar Blue electricity database/respective retailer websites, January 2021.
Origin Energy Feed-in Tariffs VIC
Origin Energy is hard to beat as solar retailers go, but to score its highest feed-in tariff rate in Victoria, you’ll need to have your solar panels installed with Origin in the first place. If you do, you’ll be eligible for a FiT of 20c/kWh, otherwise you’ll have to settle for a still reasonable 14c/kWh. Plan details below.
Who is the best solar energy provider?
Red Energy is currently ranked as Australia’s best solar energy provider, according to Canstar Blue’s 2020 customer satisfaction ratings. Not only is Red Energy an Australian-owned company, it’s also famous for its partnership with Qantas, with loads of Frequent Flyer points up for grabs on some of its plans. Additionally, Red Energy gives customers access to its rewards program, which comes loaded with discounts and exclusive offers. While Red Energy doesn’t have solar specific plans, its standard market offers come with competitive feed-in tariffs. Plans below.
Are there solar-specific plans available in VIC?
Yes, there are a handful of retailers who offer plans marketed to customers with solar panels, however some power companies may not always have them publicly listed. This means it’s best to check directly with the provider. While a solar-specific plan sounds good on paper, you’ll need to double check that the electricity rates have not been increased to cover a higher feed-in tariff.
Feed-in tariffs vs energy rates: What’s more important?
Sometimes energy providers hide increased electricity rates behind a large solar feed-in tariff, which can be confusing to say the least. The base rates of an energy plan should still be price competitive, regardless of how high the FiT is, but it will ultimately come down to your personal circumstances and household needs.
A house that exports plenty of excess power to the grid may benefit from a higher feed-in tariff, which in turn could justify paying higher electricity usage and supply rates. On the other end of the spectrum, a household with smaller solar capabilities may be better off with an average FiT and lower base rates. You should crunch the numbers to see how much money you’re saving off power bills and work out if cheaper rates could benefit your back pocket, or a bigger feed-in tariff rate.
How do I know what my solar feed-in tariff is?
The feed-in tariff rate you receive from your retailer should be listed on your plan’s energy fact sheets. These are documents that all energy providers must list on their website, however some can be trickier to find than others. Energy fact sheets are usually located on the bottom of a retailer’s website and will normally list each plan’s solar feed-in tariff.
Does Victoria have a minimum feed-in tariff?
Customers in Victoria can find some level of comfort in the fact that there is currently a mandated minimum solar feed-in tariff of 12c/kWh. However, as of July 2020, the Victorian energy regulator (Essential Services Commission) will be amending the minimum FiT in 2020-21 to 10.2c/kWh – a 1.8c decrease from 2019-20.
The final word on solar in Victoria
We all know that solar is a huge investment, costing upwards of thousands of dollars, and that’s before you even have it installed. With such a hefty upfront cost, finding a good deal that can pay itself off over time is somewhat of the Australian dream. With a little bit of homework and understanding of which features are important to you, there are plenty of savings to be made. Want to stay on top of the latest deals in your area? Use our comparison tool below.
Image credits: chinasong/Shutterstock.com, Albachiaraa/Shutterstock.com