GUIDESFI SPEAK: TECH & MORE
When a Cliché Saved the Day: The story behind FIT Rules
3 MIN • 
LAST EDITED BY ULFATH JOAD ON AUGUST 21, 2024.
LAST EDITED BY ULFATH JOAD ON AUGUST 21, 2024.
GUIDES LAST EDITED BY ULFATH JOAD ON AUGUST 21, 2024.
If I had a dollar each time someone said ‘If I had a dollar’, I’d actually be a millionaire.
You’ve heard of clichés? Like “Roses are red, violets are blue…” or closer home, “Can you see my screen?”. It’s the ultimate creativity-killer. Starting a sentence with ‘Basically’ or ‘Essentially’ would be my top picks for 2021.
But I want to go back to 2019 for a second. A whole year before the pandemic hit and all that. We were idling around the office talking about making saving a fun thing. To me that sounded insane. Nobody that I know could possibly have fun with saving money. Not even a banker.
And then someone said something about automating savings. You know, just the way you’d automate subscription payments. The funny thing is, that idea had been bounced around a lot of times before. Nearly every day, someone would mention automation, or making savings fun so many times that we collectively went “Man, if we had a dollar each time we said these things, we’d be rich enough to fund ourselves”
That was the birth of FIT Rules. We turned our clichés into lines of code that moved money from our accounts into Smart Deposits.
If we want to define FIT, it stands for "Feed-in Tariff," which is a policy mechanism used by governments to promote the production of renewable energy by providing financial incentives to renewable energy producers. The FIT meaning scheme typically guarantees a fixed price for the renewable energy produced for a certain period of time, which provides stability for renewable energy investors and encourages the development of renewable energy projects.
If we had a rupee for every time our stomachs growled - A food ordering based FIT Rule was born.
If we had a rupee for every time there was a sale - Bam! A shopping based FIT Rule!
⇢ If going out drinking, don’t allow spending of more than ₹5,000
⇢ Save ₹50 into a ‘rainy day deposit’ every day that it rains
⇢ If monthly salary increases, then order myself 🍕 🍰🍷
⇢ Save ₹500 every time Amitabh Bachchan tweets
The part about it I like the most is that you don’t even know you’re saving. If you’ve found money in your pockets, then you probably know what I’m talking about. This is that, all over again. So we thought it would be great if you could just go about life, and then 6 months later, you’re sitting on a pile of savings that could fund your Goa holiday.
Back to the future, we’re here in 2021, working on new FIT Rules that would help you save each time you unlock your phone or open social media. The next thing we know, we’re actually going to be taking those vacays or buying those things we wanted. All thanks to a little piece of algorithm crawling up and down our devices.
So much for clichés being creativity-killers, no?
The duration of the Feed-in Tariff (FIT) scheme varies depending on the country or region where it is implemented. In general, FIT schemes last for a number of years, typically between 10 and 25 years. The exact duration may also depend on factors such as the type of renewable energy source, the size of the installation, and the date of commissioning. However, it is important to note that some countries have ended their FIT schemes or replaced them with other renewable energy support mechanisms.
The price for renewable energy under the Feed-in Tariff (FIT) scheme is typically determined by government regulators or energy agencies. The price is usually set at a premium above the market price for electricity to incentivize the production of renewable energy. The premium rate varies depending on factors such as the type of renewable energy source, the size of the installation, and the date of commissioning. The FIT scheme guarantees a fixed price for a certain period of time, which provides long-term stability for renewable energy producers and encourages investment in renewable energy projects. The price may also be periodically adjusted to reflect changes in market conditions or the cost of production.
