What Is the Feed-In Tariff in Victoria 2024? What You Need to Know and How to Maximise Your Savings
As we approach November 1st, 2024, many homeowners are asking, “What is the feed-in tariff in Victoria 2024, and how will it affect my solar savings?” The answer is simple but important: the feed-in tariff is dropping significantly. In fact, it’s set to reduce from a generous $0.60 per kWh to as low as $0.06, leading to potentially massive savings losses—up to $3,400 a year for some solar system owners.
But here’s the good news: despite the lower feed-in tariff in Victoria in 2024, you can still protect your savings by making a few smart adjustments. Let’s explore why this change is happening and, most importantly, what you can do to ensure you continue to benefit from your solar system.
The chart below shows how a solar system exports (sells) energy back to the grid and how you use it in the home.
Why Is the Feed-In Tariff Changing in Victoria in 2024?
If you’re wondering “What is the feed-in tariff in Victoria 2024 and why is it changing?” the explanation is rooted in both government rules and market shifts. The reduction in feed-in tariffs was always part of the plan. In Victoria, the tariff was contracted to change on November 1st, 2024, as part of government policy. Additionally, with more households and businesses generating solar energy, the electricity retailers are paying less for the excess energy exported to the grid.
While this change may seem like a hit to your savings, it’s not all doom and gloom. In fact, it presents a great opportunity for savvy solar owners to re-evaluate their systems and maximise their savings in other ways.
What You Can Do to Maximise Savings Despite the 2024 Feed-In Tariff Reduction
Although the feed-in tariff in Victoria 2024 is decreasing, there are multiple strategies that can help you get ahead and keep saving.
1. Maximise Solar Usage at Home
With the lower feed-in tariff in Victoria in 2024, it makes more sense than ever to use as much of your solar energy as possible in your home. By shifting your energy use to daylight hours—when your solar panels are actively generating electricity—you can reduce how much expensive electricity you draw from the grid. Running appliances like your washing machine, dishwasher, and air conditioning during the day can make a big difference.
2. Consider Installing a Battery System
If you’re asking, “What is the best way to protect my savings from the feed-in tariff drop in Victoria 2024?” the answer could be installing a solar battery. A battery stores excess energy generated by your solar system so that you can use it later—like at night or during a power outage. This reduces your reliance on grid electricity and helps you take full advantage of your solar system, even when the sun isn’t shining.
At GI Energy, we’ve been helping homeowners install battery systems for over a decade. Our experience shows that investing in a battery can lead to long-term energy savings and energy security for your home.
3. Expand Your Solar System
If your current system isn’t producing enough energy to cover all of your household needs, adding more solar panels is a practical solution. Increasing your system size will allow you to generate more energy, meaning you’ll rely less on the grid—and pay less for electricity—even with the lower feed-in tariff in Victoria 2024.
4. Upgrade to a New Solar System
For homeowners with older solar systems, now might be the perfect time to upgrade. Not only will you get the latest solar technology, but you’ll also benefit from new government rebates. Victoria currently offers a Solar VIC rebate of up to $1,400, and federal STC rebates can be worth up to $7,296 for home installations.
GI Energy has been in the solar business since 2011, far surpassing the average solar company lifespan of just 2.2 years. We’ve earned the trust of national clients, from city councils to large multinational corporations, and we’re here to ensure our customers continue to maximise their savings—no matter how the market changes.
Why You Should Take Action Now to ensure you understand what the feed-in tariff in Victoria 2024?
With the reduction in the feed-in tariff in Victoria in 2024, the worst thing you could do is sit back and lose out on your savings. The good news is, by being proactive, you can offset this change and still enjoy the full financial benefits of your solar system.
At GI Energy, we’re ready to help you navigate this transition. Whether you’re considering a battery, expanding your system, or replacing it entirely, our team of experts will guide you through the best options for your home. We pride ourselves on treating our customers like family, offering reliable service and post-installation care to ensure long-lasting satisfaction.
Installing more solar panels can make sure you still get great power savings.
Don’t Miss Out—Contact GI Energy Today
If you’re asking, “What is the feed-in tariff in Victoria in 2024 and how can I protect my solar savings?” don’t hesitate. Contact GI Energy today for a free consultation. Our experienced team can help you explore all the available options to maintain and even increase your savings despite the tariff changes.
Whether it’s installing a battery, upgrading your system, or simply making a few changes to your energy habits, we’ll work with you to find the best solution for your needs. Get in touch today to make sure you’re not missing out on savings from your solar investment.
Conclusion: The feed-in tariff in Victoria in 2024 may be dropping, but by making smart adjustments to your energy usage, you can still save big. With GI Energy by your side, you’ll have the expert support you need to navigate these changes and continue enjoying the financial benefits of solar power.
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