Well… It probably is!
The Queesnland Solar Bonus Scheme Was Previously Offering 44 Cents Feed In for every kWh of power your Solar Power System exported to the grid. Currently you can expect 8 Cents, and soon they will probably cut it out altogether.
So how can some Companies offer a 41 Cent Feed in Tariff, and is it a Good Deal?
Let’s do the Math…
Assuming you are looking to buy a 5KW Grid Connected Solar Power System, then according to the Clean Energy Council of Australia this System will produce around 21kWh of per day, for ease of numbers let’s call it 20kWh/day. Let’s also assume you use about half of that power during the day and export the other half to the grid.*Most households would export less, especially if they have a pool.
So, the 10kWh you use are worth the cost of power, which as we all know is increasing, but is 29.4 Cents including GST. Which means you save about $2.94/day or $1073/year. The other 10kWh you export at the Government Rebate amount of 8 cents, which is 80 Cents/day or $292/year.Which is paid to you out of the profit that the power company is making.
Now lets say a Solar Company wants you to buy their Solar Power System, so they offer you an incentive. How about a 41 Cent Feed in Tariff! It sounds like a great deal as there are many people who missed out on the 44 Cents when it was being offered. Our 10kWh/day at 41 Cents is an attractive $4.10/day! If you do manage to export that amount of power and if they do pay you for 3 years as advertised then that would be $4.10 x 365 x 3 = $4489.50 which again obviously has to be paid out of somebody’s profits… Are Alarm Bells Ringing Yet?
If you are being offered this deal for the same price as a comparable Solar Power System that makes the same amount of power per day, then thats a great deal! Unfortunately, thats not the case and many people are paying as much as and even more than $10,000 more for the privelege of maybe earning some of it back. As you can see, the chances are you will never earn back that difference and the company has your money and are laughing all the way to the bank. Literally!
Don’t be scammed! A 41c Feed in Tariff isn’t worth $10,000, you might be able to earn some of it back, but there’s quite alot of IFs!
Conclussion: Buying a Solar Power System on the Promise of a 41c Feed in Tariff is a BAD CHOICE, because you are the one paying for it in the end!
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