Solar Panel Rebate
Bring your home or office building into the 21st century with alternative energy. Fossil fuels won’t be here forever, so why not take advantage of solar power early on and potentially secure a reimbursement from the government for doing so? The rebate you could be eligible for depends on a range of factors and differs from state to state. The table to the right shows an approximate guide on price range for grid-connected solar panel systems in major capital cities. The government’s different rebate schemes like credits, feed in tariffs and RECs can be deduced from these figures.
There is currently limited financial assistance being provided by Governments for Solar PV system.
|System size||Estimated price range|
|1.5 kW||$2500 – $6000|
|2 kW||$3000 – $7000|
|3 kW||$5000 – $9000|
|4 kW||$7000 – $12000|
*Note : This may vary from state to state. Please note that these prices (inclusive of GST) are a guide only; the price you are offered could differ. These figures are estimations based on conditions as at June 2012, and may fluctuate due to market conditions.
Government Benefits & Rebate
The Federal Government operates various rebate schemes. However, these schemes have continued to change over the past decade. This has resulted in a range of different government incentives and increased diversity in the panels, inverters and suppliers across the solar energy marketplace. The main national solar panel rebates schemes are as follows:
Solar rebate & Credits: Renewable Energy Certificates/Small-scale Technology Certificates (RECs/STCs) of up to $3,000 for a 1.5kW system. Credits: Renewable Energy Certificates/Small-scale Technology Certificates (RECs/STCs) possible for systems 1.5kW to 100kW.
The price of your Solar PV system can also be affected by other things including:
- Government rebates and support schemes (these vary in each state)
- Number of panels and the orientation of panels
- Type of panels and inverter used
- System design and configuration
- Shipping costs for equipment and parts
- Contractor installation costs
- Removal of trees or other shading
- Type of roofing (for example tiled or tin) and height of roof
- Site preparation needs (how much work needs to be done to get the location installation-ready)
- Structural engineering, architectural, and other professional services (for commercial systems)
Renewable Energy Certificates/STC
REC are an electronic form of currency created by the Renewable Energy (Electricity) Act 2000 (also known as RET). A single renewable energy certificate is equal to 1mW hour of electricity generated by your PV power system.
The price of RECs changes according to market conditions. RECs may be created for solar panel systems in batches of either one, five or 15 year deeming periods. The level of subsidy will depend on a number of factors such as the location (zone and size of the system as well as the current price of RECs at the time of installation.
The Solar Credits scheme (rebate) for PV systems is based on the REC scheme, but is also five times the number of RECs that can be created for your system. The extra credits are only applicable to the first one kilowatt of the system’s capacity. As a result, if you have a larger than 1.5kW system you’ll not only receive Solar Credits but will also receive RECs for each megawatt hour generated from your system.
The multiplier that the government applies to Solar Credits is dependent on when the system was installed. For example, if it was installed between the 9th of June 2009 and 30th June 2010, the multiplier is up to five times. Whereas if installed from the 1st of July 2011 until 30th June 2013 you’ll be eligible for RECs up to three times multiplied.
Feed In Tariffs
If your system generates more energy than you use, the excess energy is fed back into the grid and you receive what is called a feed-in tariff. This is something you would need to discuss and set up with your electricity company.
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To find out more about government solar rebate, please call us today on 1300 387 676.
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