Understanding Solar Credits in Australia
The RET Scheme:
The Australian Government's Renewable Energy Target (RET) has been established to encourage additional generation of electricity from renewable energy sources.
The RET scheme:
- places a legal liability on wholesale purchasers of electricity to proportionally contribute to an additional 45,000 gigawatt hours (GWh) of renewable energy per year by 2020.
- sets the framework for both the supply and demand of renewable energy certificates (RECs) via a REC market.
As with many government rebates there are some conditions attached.
- The Solar Credits multiplier will offer up to $7,500 in savings depending on the size and location of installation and apply to new installations of small-scale renewable energy generators eligible under the scheme.
- Solar credits will apply to the first 1.5 kilowatts (kW) of capacity installed.
- Generation from capacity above 1.5 kW will still be eligible for the standard 1:1 rate of RECs creation.
- The multiplier credits will only apply to the first small-scale generation system installed at an address.
Information Resources
To help you understand more regarding the Governments RET Scheme, we have listed the following links to a number of relevant resources.
- Options for gaining financial benefit for your RECs
- Solar owners guide - snapshot
- Small Generation Unit owners guide (including solar photovoltaic panels and Solar Credits)
- Solar Water Heater owners guide (including heat pumps)
- Small Generation Unit REC Calculator
- Solar Water Heater REC Calculator
For more information please contact one of of friendly staff.
State Government Rebates
The South Australian Government’s Solar Hot Water Rebate Scheme will now target low income households to help them comply with new water heater performance standards effective from 1 July 2008.
The new standards aim to increase the uptake of high-efficiency gas, heat pump and solar water heaters.
New eligibility criteria for the Rebate Scheme will apply for water heaters installed from 1 July 2008 (postponed from 17 May), in line with the introduction of new water heater performance standards.
A $500 rebate will be available to applicants who meet the eligibility criteria. The following table summarises hot water systems eligible for the rebate.
For more information please click here: http://www.dtei.sa.gov.au/energy/rebates_and_grants/solar_hot_water.html
