"The Essential Services Commission has made a draft decision to alter the minimum Victorian feed-in tariff(FiT) rates from July 1, 2018.
Solar customers could get as much as 29 c/kWh at peak times of the week if the new rates are applied.
Two FiTs will be set: time-varying and single rates. Under the new draft rules, electricity retailers will need to offer at least one of these to their Victorian customers.
FiTs apply to customers that have installed renewable energy systems such as rooftop solar. These customers can receive a payment or reduction in their bills for any electricity they feed back into the main grid from their system. They do so by entering into a contract with a retailer.
FiTs serve several purposes. They encourage both the uptake of renewable energy systems and greater efficiency in energy use. They also promote diversification of electricity production and may assist Australia in meeting its climate goals."
