Which FIT?

ElephantBoy57

https://octopus.energy/blog/outgoing/

Fixed Outgoing Octopus: a flat tariff, so you can sell your electricity at a flat unit price of 5.5p per kWh (the current FiT export price is 5.38p per kWh).

Just wondering what price FIT new solar panel owners will get.

I believe mine were installed in 2015 and I get around 5p per kWh. Have we now got a system where we can change who gets the FIT and how much they will pay us?

ABrass

FIT isn't available for any new installations, they fall under the Solar Export Guarantee, or SEG. Octopus is probably referring to the rate that someone who was on the most recent FIT rate would be getting now, compared to someone who was using SEG.

ElephantBoy57

ABrass said:

FIT isn't available for any new installations, they fall under the Solar Export Guarantee, or SEG. Octopus is probably referring to the rate that someone who was on the most recent FIT rate would be getting now, compared to someone who was using SEG.

But it looks like the SEG could pay more than the FIT, for someone whose panels were installed in 2018/19 and getting 3/4p per kWh, I assume that they could switch.

frozen_wastes

But it looks like the SEG could pay more than the FIT, for someone whose panels were installed in 2018/19 and getting 3/4p per kWh, I assume that they could switch.

The FIT Export Tarriffs are A: Fixed/Index Linked (not sure which), for 25 years and B:  They are "deemed" to be a fraction of total generation.

Bear in mind that the SEG prices are A:  Subject to fluctuation, and B:  They are metered.  They might be favourable this year, but next year the utility company has every right to change the price (downwards I suspect, if more people get solar power installed).  So assuming you switch from a FIT export tarriff to a SEG Tariff, you might not be able to switch back when it doesn't become so favourable. 

I think as time goes by, we're likely to see SEG Tariffs evolve to a "Time of Day" rate, or even a Dynamic price.  So sunny day prices under such a regime will see dirt cheap/ zero prices during the daytime and very attractive prices during the evening.  If you can take advantage of that with a battery, then SEG Tariffs could well be worthwhile.  But if I had a FIT Export Tarriff, I'd be minded to stay on that for the time being.

UnclaimedEnergy

https://www.solar-trade.org.uk/seg/

This has a pretty much complete list of all the available SEG tariffs

ElephantBoy57

frozen_wastes said:

 But if I had a FIT Export Tarriff, I'd be minded to stay on that for the time being.

I don't pat that much attention to my panels. My Feed-In Tariff (FiT) payment from 17/06/2019 to 10/09/2019. A payment of £85.58 will be credited directly into your bank account. This is based on a total generation during the above period of 566 kWh and a deemed export of 283 kWh.

I will be staying put, but perhaps with inflation, it may be worth changing in the future.

Petriix

You can opt in or out of the FIT export payment for each full year. Many people on deemed exports would be better off on an SEG tariff. However, at least in theory, once you've got an accurate export meter (i.e. a smart meter) you are supposed to provide export readings and be paid based on actual metered exports.

In practice I believe many people will have smart meters and still receive deemed exports but I've not heard of anyone switching to metered exports and then back to deemed.

ElephantBoy57

Not sure if you can see the photo, but I don't understand how payments are worked out. I thought FIT were paid 50% of exported electricity.

ElephantBoy57

This photo

ElephantBoy57

566 kwh hours generated is paid @ 0.1243 £ kwh tariff rate = £70.35

Deemed export 283 which is paid @ 0.00538 £ kwh tariff rate = £15.23

Total paid = £85.58

Ectophile

ElephantBoy57 said:

Not sure if you can see the photo, but I don't understand how payments are worked out. I thought FIT were paid 50% of exported electricity.

I can't see any photos.

FIT is calculated based on the readings on your generation meter, which measures everything you generate, whether you export it or use it yourself.

In addition to the FIT, you get paid for exported electricity.  However, most people still don't have meters that can measure exported electricity, so if you don't have an export meter, then it is assumed that you export 50% and use 50%.

That's two separate payments.