I think it's fair to assume the price of the energy you buy not only account for the price at generation, but also for all the services a grid provides: transport, reliability, variability of load etc.
When it's bought back from you, they only pay for the generation part which makes sense in my opinion. Now where that price point is, I don't know! (25%? 50%? no idea)
It seems the smart meter issue is almost unrelated though. Where I am (UK, potentially where you are too as it looks like a similar issue), the old feed-in tariff subsidised the energy _generated_ by a system, regardless of if you used the energy yourself or exported the energy. That's great to kick-start an economy but doesn't scale at a national level.
I understand they are trying to push to pay for what is exported by houses only. I'm a bit sad to see the old subvention gone as it made solar panel uneconomical in lots of situations, and there's a lot to say about timing, but in principle I think it's sound reasoning.