FiTs are designed to incentivize homeowners and businesses to invest in Solar energy systems by providing a financial reward for generating clean, renewable electricity. This helps to reduce reliance on fossil fuels and lower carbon emissions.
The rates for FiTs are typically set by government regulators and can vary depending on factors such as the size of the Solar system, the time of day the electricity is generated, and the location of the property. In some cases, FiTs may be fixed rates for a set period of time, while in other cases they may be based on market rates for electricity.
In order to be eligible for FiTs, Solar system owners typically need to meet certain requirements, such as having a system that meets certain technical standards and is connected to the grid. It’s important for Solar system owners to check with their state or territory government to understand the specific eligibility criteria and rates for FiTs in their area.
Overall, FiTs can be a valuable incentive for homeowners and businesses to invest in Solar energy systems, helping to promote the transition to a cleaner, more sustainable energy future.
