Integrating Net-Metering and Feed-in- Tariff Schemes to Balance Electricity Billing System

Integrating renewable energy sources into existing power grids necessitates effective mechanisms for incentivizing generation and managing surplus energy. This study presents a comparative analysis of two prominent incentive mechanisms, namely Feed-in Tariff (FiT) and Net Metering, focusing on their outcomes in managing surplus power generated by Photovoltaic (PV) systems and industrial loads. This study demonstrates a bidirectional net metering system designed mainly for grid-connected PV panels used by residential consumers. The system effectively controls the difference between imported electricity from the grid and surplus energy exported to the grid. It manages this using a sophisticated bidirectional net meter with voltage and current measurement circuitry. These circuits correctly measure the system's instantaneous voltage and current levels, allowing for precise tracking of electricity flow. Through a comprehensive examination of real-world data and simulation models, insights are derived into the performance and economic implications of FiT and net metering systems. According to the study, FiT saves 6.31 % on monthly energy bills, whereas net metering saves slightly less (4 %). The findings contribute to understanding optimal strategies for integrating renewable energy sources that align with Industry 5.0 and Sustainable Technology while ensuring grid stability and economic viability.