We receive our power account every two months here is the West. This is our first complete power account in credit, which is very exciting they paid us $449.90 and the last account they paid us $124.45
So far in total we have received $574.35. Its so much nicer receiving money from them, rather then paying them. We need to ring them every two months and then they send us a cheque, others wise we need to wait the year and they will automatically send us a cheque. We will ring every two months as the money is better being in our account earning interest then theirs.... Any one else have solar panels and receiving cheques. If you are thinking about getting solar panels installed I would say yes do so. Its also a great feeling knowing we are doing our bit to help clean up our planet .
Hi Sherrie,
ReplyDeleteThat's great. I really want to instal power panel. We have solar hot water and only have small bills now.
Someone told me that you have to claim the credit as income for tax purposes. Do you know if this is true or not?
Tracy
Hi Tracy,
ReplyDeleteA private ruling by the ATO has confirmed that income derived from selling solar electricity back to the grid is not taxable for households. Please see the link below for more information and always check with your accountant for advice in regard to taxation issues.
http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/92788.htm
In most cases, systems installed at domestic sites would not be taxable as they would be considered personal use / hobby (i.e. not in the nature of a business or profit making scheme). If the system is installed at a commercial site, it will most likely be considered taxable. However, system owners should consult their accountant for advice or can also request a private ruling from the ATO. An example of an ATO private ruling result in relation to feed in tariffs can be viewed here
Hi Sherrie, what size solar system do you have? We have a 1.5 kw system, and it makes absolutely no difference to our bill :( that's fantastic that you are making some money back....
ReplyDeleteHi Debra, You probably don't notice any difference in your power account as the price per unit has gone up 20%, You really need to check the units you use. We started out with a system the same as yours. We got the federal government $8000 rebate, then we decided to add 24 more panels so now we have 30 solar panels, which is a 4.6 system with a maximum capacity of 5.06. When we got our original system we ordered a 3.5 inverter, but when they were coming to install the system they only had a 4.6 in stock, which they said we could have at the same price, so we could up grade our system even bigger we were very lucky...We had some trouble, we had to spend an extra $4,600 upgrading the cable from our metre box to the inverter as the cable wasn't able to carry the increased power load.Kev is right into analysing every thing we own, he loves knowing how every thing works he has a spread sheet on the computer of how much power it makes, how much we export and consume.
ReplyDeleteGreat going Sherrie!
ReplyDeleteThats great... We have a 2.1kw system. It pays for the majority of our bill. Im happy with that as its saving us aprox $1200 a year. I wish we could have afforded a bigger system at the time. Its great however creating green power. Donna
ReplyDelete