How do I get paid for the electricity generated by my solar power system?
Every watt of electricity generated by your solar power system and used by you directly in your house will save you money, as you do not have to buy this electricity from your electricity retailer.
Therefore, it makes sense to use as much power as possible during the day when the panels are generating power e.g. by turning on pool filters, dishwashers and washing machines when the sun shines brightly.
Most energy providers offer a feed-in tariff, (feeding into the grid) a payment to the consumer for any surplus power generated and exported back to the grid.
The amount paid for each kilowatt hour of electricity can vary between energy retailers. Contact local energy retailers in your area, they will be only too willing to sign you up to an energy plan.
In some cases individual retailers offer a variety of plans with different rates for the purchase and buy-back of electricity.
Choosing the best plan for your circumstances can be a minefield but in general if you are exporting a significant amount of power (say 15+ units a day) and importing very little (say 5 units) a high export feed-in-tariff and high import power rate might be appropriate.
Conversely if you use most of your solar power in the home and export very little you will probably be financially best off by a low buy-in tariff.
Your local LG Authorised installer can give guidance or call your energy retailer and ask them about their solar feed-in-tariff rate. In some areas not every electricity retailer pays for the electricity you feed back.
The feed-in-tariff for exported power is an important consideration when choosing the size of the solar system to buy.
So for example, while a 3kw solar system may cover a household's daytime power use nicely, for an extra $3,000 a 6.6kw system could be purchased which will generate around 12 units a day on average.
Exporting these units at 15c/KWh x 12 = $1.80 per day or $657 per year. Oversizing the system in this example will pay for itself in 4.5 years and then give a further 20+ years of pure profit with a long-life LG panel.
Your local LG solar installer can advise you as to the energy retailer which offers the best feed-in tariff deal in your area. Consider changing energy retailer if you can get a better feed-in-tariff from another energy company.