I recently got a solar PV system installed.
am I required by law to update my old meters in the meter box to a new net meter or smart meter?
why I say this is the discs in the old meter at the moment spin backwards because of the solar panels.
and then spin forwards when I'm using electricity off the grid exceeding the amount generating from the solar panels.
what that means I'm essentially getting $0.30 per KWh of electricity generated by the solar panels instead of the $0.11 cents FIT that I would of been charged if I upgraded the meters.
Technically what you are doing is illegal. A meter should never run backwards. You will face serious fines if the energy company gets wind of this, and they probably will just by looking at your power consumption in comparison to your normal values. I've actually heard of nightmare stories with meters going backwards and the power companies charging crazy amounts as the way they calculate power is all messed up. I'd turn off the PV supply until you get a net meter.