The most generous solar electricity buy back scheme in the country is now under review by the NSW Government. The scheme offers eligible customers with a solar electricity system at least 60 cents per kilowatt hour, almost four times the retail rate, for all the electricity their system produces. According to the government the Solar Bonus Scheme or gross feed in tariff has just reached the milestone of 50 Megawatts installed triggering the review.

The review will determine whether the scheme has achieved its original objectives of promoting renewable energy and creating green jobs and whether there are to be any changes to the legislation and amount of remuneration offered.

The good news for those still wanting to make the switch to solar electricity is that they are still eligible for the current generous feed in tariff of 60c per kilowatt hour, which once approved is guaranteed for 7 years from January this year. The Clean Energy Council has confirmed with the Minister for Energy that if any legislation changes are made as a result of the review they will not be introduced retrospectively, so customers accepted under the scheme will continue to receive the 60c per kilowatt hour.

“We would like to reassure our current customers that they are still eligible for the current feed in tariff” said Adam Tesoriero, Director of SolarSwitch.

Public submissions about the scheme are being accepted by the State Government until the 30th of September with the review to be tabled towards the end of the next session of Parliament.

“While it is impossible to say what the review will find industry speculation is that the amount of the feed in tariff may be reduced from its current high rate of 60c per kilowatt hour but may be expanded to encompass larger systems encouraging more commercial operations to install solar” said Mr Tesoriero.

According to the Government there has been a rapid uptake of the current scheme with about 30,000 households currently being paid to feed solar energy into the electricity grid.

“This amazing incentive means a system can pay for itself in just a few years, potentially wipe out a home’s or even business’ electricity bill and offer an approximate 30%pa tax free return on investment” said Mr Tesoriero.

SolarSwitch is one of the largest solar electricity installers in NSW and has worked with home owners, local government and businesses installing around 15% of the state’s systems last financial year. SolarSwitch prides itself on installing quality systems with panels from reputable multi-national manufacturers with warranties held in Australia.

For more information on installing solar electricity contact SolarSwitch here or on (02) 8985 9945 or 1300 880 969