Solar buyback rate plays a crucial role in incentivizing homeowners to invest in solar panels. When homeowners generate more electricity from their solar panels than they consume, the energy companies purchase the excess energy and compensate them accordingly. Meridian Energy is among the energy companies that offer such incentivizing programs. If you are curious about Meridian Energy’s solar buyback programs then this blog will help. Here, not only will we discuss the Meridian Energy solar buyback rate but also learn about the Meridian Energy solar buyback plan in detail.
What is Meridian Energy Solar Buyback Rate?
The amount a retailer will pay for each unit of solar electricity that enters the electrical grid is known as the buy-back rate. It is the amount that you get paid per kWh. Energy retailers have different buy-back rates. If a customer’s solar panels produce more energy than they need, the extra energy is sent back to the electrical grid. The excess energy is subsequently bought from the consumer by energy companies like Meridian Energy at a predetermined price, which is normally established by the government or a utility company.
Based on variables including location, hour of the day, and total energy consumption, the buyback rate may change. It is generally less than the rate at which customers buy electricity from the grid. Depending on your plan, Meridian pays around 12 or 17 cents per kWh to buy the exported electricity from you. This is then applied as a credit to your subsequent electricity bill. These buy-back prices are valid for all solar panel installations with rated capacities of up to 10kW. Talk to them about your possibilities if you’re interested in equipment that produces more than 10kW.
What are Meridian Energy Solar Buyback Programs or Plans?
Now, let’s see what are Meridian Energy solar buyback programs or plans-
1. Solar Plan: Solar Plan by Meridian Energy is a 5-year term plan which has a solar buyback rate of 17c/kWh.
2. Variable Plan: This plan has no set term and so, you can opt for it for as long as you wish. It will give you a solar buyback rate of 12c/kWh.
3. Fixed Plan: Fixed Plan is a plan for a term of 2 years. It has a solar buyback rate of 12c/kWh.
4. Bach Plan: Bach plan by Meridian Energy is a plan of 2 years term, with a solar buyback rate of 12c/kWh.
5. EV Plan: Meridian Energy provides an EV plan which had a term of 2 years with a solar buyback rate of 12c/kWh.
Note: Apart from the solar plan, the buyback rates of all the other plans discussed above are variable during the term and subject to change with 30 days’ notice.
What are Meridian Energy Solar Buyback Plan Eligibility Criteria?
Here are the eligibility criteria that you must fulfill while opting for the Meridian Energy solar buyback plan.
1. You must be a residential consumer listed on the national electricity registry.
2. You must be a new customer to Meridian or an existing customer who has switched to the Solar Plan.
3. You must meet Meridian’s standard customer eligibility requirements (for more information, see Meridian’s Standard Terms and Conditions for the Supply of Electricity).
4. The Solar Plan is a type of Fixed Rate Plan which has a duration of five years. When you choose the Solar Plan, you must follow Meridian Standard’s conditions for Electricity Supply, Onsite Renewable Energy Generation, and Fixed Rate Plans (FRP).
5. The Solar Plan Credit Terms and Conditions also apply if you receive a gift or credit as part of your offer.
6. You agree to provide Meridian with a current, working email address if you opt to receive your bill via email (PDF).
7. There is an administration fee associated with receiving paper bills through the mail. On the fees page, you may find information about these costs.
8. Without giving you a prior warning, Meridian retains the right to end the offer at any time. Meridian may alter the terms and conditions at any moment by publishing them on its website.
9. The Privacy Act of 2020 is adhered to by Meridian when gathering personal data. The Standard Terms and Conditions for the Supply of Electricity by Meridian include their privacy policies. You can contact them if you have any questions about privacy.
After going through this blog, you must have got an idea about the Meridian energy solar buyback rate and how this is beneficial for you. Opting for this plan could be your small step towards environmental protection. So, who does not like saving the environment and your pockets at the same time?