RENEWABLE ENERGY CERTIFICATES (REC’s)
A Renewable Energy Certificate (REC) is tradable commodity which is distributed in accordance with the Renewable Energy (Electricity) Act 2000 and the Renewable Energy (Electricity) Regulations 2001. The purpose of these certificates is to subsidies investment in Renewable Energy and hence encourages its increase in use.
A REC can most closely be compared to a share in that it may be electronically traded for financial value that does not remain constant, rather may fluctuate in reaction to market forces. A single REC is equal to 1 Megawatt hour of renewable energy generation.
The purchase of a Solar System entitles the buyer to a corresponding number of REC’s. Upon your purchase of a Solarflux Solar PV system, we offer an up-front cash discount off the price of your system in exchange for re-assignment of your Renewable Energy Certificates
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SOLAR ELECTRICITY SCHEME
A government assistance scheme has been implemented which offers buyers of Solar PV systems an increased number of REC allocations for the first 1.5kW in their system. This has started in 2009-10 FY at a bonus 5 times multiplication for the first 3 years of the scheme then lessening by a unit of multiplication each year until returning to 1 in 2015-16 FY. For any kW above the initial 1.5kW still receive 1 x REC’s.
Learn more at: http://www.environment.gov.au/settlements/renewable/pv/index.html
FEED-IN TARIFF
A feed-in tariff is a policy mechanism designed to encourage the adoption of renewable energy sources and to help accelerate the move toward grid parity. Grid parity is the point at which renewable electricity is equal to or cheaper than grid power.
Under a feed-in tariff, an obligation is imposed on electricity companies to buy renewable electricity from all eligible participants at set higher prices than general grid power rates so as to make renewable energy sources like Solar PV systems more attractive & feasible to the consumer.
The Feed in Tariff’s are currently a state run incentives, therefore it differs from state to state. (Feed in Tariff’s are subject to change)
December 2009 | Victorian solar energy rebate increase
For homes, small businesses and community organizations in Victoria, reducing your carbon footprint is now more affordable than ever. By generating your own electricity through systems such as rooftop solar panels, the Victorian Government is now paying a new premium feed-in tariff of 60c per kWh. With the average price of systems becoming cheaper, and higher feed-in tariffs, solar power systems in Victoria could start to pay for themselves quicker than before. This is great news for Victorian solar energy customers, and as a leading renewable energy provider, we're proud to provide that extra incentive to make solar energy a reality.
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Australia Feed in Tarriff's offered Statewide
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Start Date |
Rate |
Meter |
Conditions |
Finish Date |
NSW |
1 January 2010 |
60 c / kWh |
Gross |
10 kW max. |
2017
(review in 2012) |
QLD |
1 July 2008 |
44 c / kWh |
Net |
30 kW max. |
2028
(review end 2018) |
VIC |
1 November 09 |
60 c / kWh |
Net |
5kW max. |
2024 |
SA |
1 July 2008 |
44 c / kWh |
Net |
Must use less than 160 MWh of electricity p/a |
30 June 2028
(review end 2009) |
ACT |
1 March 2009 |
Up to
50c / kWh |
Gross |
Less than 10 kW - Premium
Greater than 10 kW - 80% |
2029 |
WA |
Govt. has reneged on promise of Gross FIT, will introduce Net FIT |
? |
? |
? |
? |
NT |
Alice Solar City project for Alice Springs residents only |
45c/kWh |
Gross |
2 kW max
capped at $1825 per annum |
? |
TAS |
? |
? |
? |
? |
? |
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