The government has followed up on its promise of a new scheme after ending the solar panel feed-in-tariff system in April.
800,000 homes had free solar panels installed as part of feed-in-tariff, with the number of new installations falling by 94 per cent once the government axed subsidies a couple of months ago.
The new scheme will see homeowners get paid for any surplus electricity generated by renewable energy sources by their suppliers.
“The new smart export guarantee will ensure households that choose to become green energy generators will be guaranteed a payment for electricity supplied to the grid,” said Chris Skidmore, minister of energy and clean growth.
"If households with panels and batteries can store electricity and sell it back to the grid when it is most needed we could see some homes with negative power bills,” said Greg Jackson, CEO of energy supplier Octopus.
To be eligible for the scheme, your house will need to have the capacity to produce up to 5 megawatts of renewable energy that's tracked by a smart meter. Suppliers with over 150,000 customers will need to fall into line by January 1, 2020. [Reuters]