15-Dec-2009 Solar Saves Skyrocketing Electricity Prices While many families have been left reeling from the news that electricity prices will skyrocket by up to 64% over the next three years, many people with solar electricity will be waving their electricity bills goodbye thanks to the new gross solar feed in tariff.

The Independent Pricing and Regulatory Tribunal announced that electricity bills will soar up to $918 by 2013. In contrast solar electricity now pays for itself in less than four years and then generates the owner 20 to 30 years worth of free electricity. This is a 30% tax free return on investment per annum!

This fantastic return is due to the NSW Government’s gross feed in tariff which means anyone with a solar electricity system under 10kW gets paid at least 60c/kWh for all the electricity their panels generate, that’s almost four times the current retail rate. Some electricity retailers are even announcing feed-in-tariffs higher than the legislated 60cents, for example Energy Australia just announced 66c/kWh.

Thanks to the feed-in-tariff many solar electricity system owners will cover their bill each quarter and perhaps even receive a cheque from their electricity company depending on their usage. For example someone with a 1.5kW system would get credited $1300-$1500 per year for the electricity their system produces.

“Solar electricity is a great way to protect your family against the skyrocketing electricity prices announced by IPART. It is now financially rewarding as well as helping in the fight against global warming, which will be at the forefront of everyone’s minds soon with Earth Hour just a week away” said Adam Tesoriero, Director of SolarSwitch.

The 60c feed-in-tariff is limited to the first 50MW installed in NSW so there is a limited time to take advantage of this incentive which is the most generous solar buy-back scheme in the country.

There is also a solar electricity rebate worth thousands of dollars to help with the initial investment in the system. The “Solar Credits” scheme is not means tested and is open to everyone including businesses.

SolarSwitch has installed over 2000 grid connect solar electricity systems for homes, businesses and local government across NSW, Sth East QLD and the ACT.

For more information or a Free Home Assessment contact Solar Switch here or on (02) 8985 9945

< Back to News Items