Currently the financial assistance offered for solar PV systems in Australia is through Renewable Energy Certificates (REC’s) and Feed-In Tariffs.
More detailed information can be obtained from the relevent web sites, contained in our Useful Links page
Renewable Energy Certificates (RECs) are an electronic form of currency created by the Renewable Energy (Electricity) Act 2000 (also known as the RET scheme). One REC is equivalent to one megawatt hour of electricity generated by your solar PV power system. The price of RECs changes according to market conditions. As an owner of a solar PV power system, you can register, sell, trade or surrender RECs for systems up to 100kW.
Most clients assign their RECs to ESP Projects when purchasing their solar power system in exchange for an upfront discount on the cost of the system.
Queensland operates a net feed-in tariff. Under a net feed-in tariff, a premium is paid for any solar energy that goes back into the grid from your house. So if you have surplus energy generated by your solar panels, you get paid for it; and if you use all of the energy you generate it will be offset against your normal electricity bill. This amount is usually around 0.6c per kW – not a great amount but we all know….every cent counts.
You need to apply to your electricity retailer to receive the feed-in tariff. When signing an agreement with your electricity retailer, you need to be informed. In particular, you should check with your electricity retailer about any tariff changes that will occur as a result of installing solar and carefully weigh up the advantages and disadvantages before making a decision. This should be considered before you install tariff changes. There are a number of important questions to ask about your feed-in tariff, which are explained in more detail in the Clean Energy Council’s Consumer Guide.