The solar feed-in tariff (FiT) is a government incentive program that aims to promote the use of renewable energy sources, such as solar power, by providing financial incentives to homeowners and businesses that generate their own electricity through solar panels. The FiT works by paying solar panel owners for the excess electricity they generate and feed back into the grid.
How does it work?
When you install solar panels on your property, you are able to generate your own electricity from the sun’s rays. Any excess electricity that you do not use can be fed back into the grid, where it is then used by other consumers. The FiT program allows you to earn money for this excess electricity that you generate.
The amount of money you receive through the FiT program is determined by the government and is typically based on the amount of electricity you generate and feed back into the grid. The rate at which you are paid for this excess electricity can vary depending on where you live and the specific FiT program in place.
Benefits of the FiT program
There are several benefits to participating in the FiT program. Firstly, it allows homeowners and businesses to offset their electricity bills by generating their own electricity. This can lead to significant savings on energy costs over time.
Additionally, the FiT program helps to reduce greenhouse gas emissions by promoting the use of renewable energy sources. By generating electricity from solar power, you are reducing your reliance on fossil fuels and helping to combat climate change.
Furthermore, participating in the FiT program can also increase the value of your property. Homes and businesses with solar panels are often seen as more attractive to potential buyers, as they offer lower energy costs and a more sustainable living or working environment.
Overall, the solar feed-in tariff is a valuable incentive program that encourages the adoption of solar power and helps to create a more sustainable energy future. By participating in the FiT program, homeowners and businesses can not only save money on their energy bills but also contribute to a cleaner and greener planet.