How is my FiT calculated?
The 20 cents FiT is capped at 2,000 kWh per annum. Due to PV solar systems exporting differently day-to-day, as a result of either rainy and cloudy periods or simply more power is being used in your home, we have taken the approach to pro rata the calculation for each billing period.
We believe most PV Solar systems, over the course of a year, will generate around 2000 kWh of exported generation. So, for us to calculate this, we work out the billing period being:
2,000 kWh divided by (365 days) x days of the month.
Then multiply by the days in a month.
31-day month x 5.47 kWh per day equals 169.86 kWh per month.
So, let’s say in one month your NSW PV Solar System exported 200 kWh back to the grid.
Mojo Fit Credit Rate 1: 169.86 kWh @ 20c = 33.97
Mojo FIT Credit Rate 2: 30.14 kWh @ 10c = 3.01
In the above scenario, you would receive a credit to you monthly charges of $36.98.
If you are in Queensland the FiT Credit Rate 2 is at 9c so the calculations would be the same but at 9 cents.