Wonderful news for NSW customers who will be going solar, or already have installed solar energy!
NSW Govt announced an hour ago that the new feed in reward scheme starting on 1 January 2010 would be far more generous than the net tariff announced earlier this year, and that a gross scheme will be introduced instead. This gross scheme will reward customers with installations up to 10kW with a premium rate of 60c per kW hour, which is four times the market price of electricity.
A standard 1.5kW system (9 panels, taking up 12sqm of roof space) generates approx 6.75kW hours per day. Regardless of how much power your household consumes, a 1.5kW system would yield annual rewards of approx $1,500 per year, reducing the payback period to as brief as 1.7yrs – 2.5yrs.
A 3kW system would reward you for the clean solar energy you contribute to the grid at $3,000 per year, and a 10kW system (now often costing less than $50K through some Solar Choice approved installers), would generate $10,000 in solar rewards each year.
Customers wishing to take advantage of such a generous tariff should mover very swiftly, for two reasons. Firstly, the tariff will be reviewed after 50 megaWatts of solar power under the scheme has been connected to the grid, which most likely will occur within a matter of months not years. Secondly, the tariff is proposed to run for 7years, meaning that the sooner your solar energy system is installed the longer of the 7yrs you’ll be able to be reap the benefits of the scheme within that 7yr period.
Of course 7yrs is a long period in politics and renewable energy these days, and Solar Choice is confident that the scheme will be extended to a duration similar to the other States and ACT of 20 years.
National Sales Manager
Solar Choice Pty Ltd
- The German experience – 9yrs of solar energy gross FiT has had only 0.43% impact on household electricity prices - 1 November, 2010
- NSW solar bonus scheme round up, the day after solar chaos - 28 October, 2010
- Submissions for review of NSW Gross Feed In Tariff to be lodged by 30 Sept 2010 - 24 August, 2010