Wrapping your head around renewable energy subsidies is the secret to maximising your returns on a solar energy investment. Whether you are looking at a residential solar system, or one for your business, this guide can help you reduce the upfront costs and boost the long term value of your entire solar system. We cover both state and federal subsidy programs and look at how residents of, South Australia and the ACT can use local incentives to make solar energy more affordable and more lucrative.
The federal government created a marketplace called the solar credits program. Its purpose is to incentivise businesses to invest in solar energy. Corporate entities purchase Renewable Energy Certificates (RECs) to offset their carbon emissions. As it is a marketplace, the value of these certificates goes up and down. This program is planned to remain in place until at least 2030, however the sooner you take advantage of this program the higher the returns you are likely to see.
STCs are renewable energy certificates which are available for purchases of solar technology under 100 kilowatts (kW) in production capacity. The amount of kW that your system is expected to generate will determine the amount of STCs made available to you. The sale of these certificates will provide you with an upfront discount to the cost and installation of your system. The amount of certificates and value of those certificates will vary depending on where in Australia you are and the current market levels. We explore this in more detail in the book.
LGCs are renewable energy certificates that are offered for purchases of solar products that are over 100kW. These are generally commercial solar systems. Understanding the value of LGCs is an essential step for any businesses looking to capitalise on solar energy subsidies. The value of these certificates is distinct to STCs. Monitoring devices track the system’s annual generation instead of looking at projected energy generation. For more information check out the section on Large-scale Generation Certificates in the eBook.
The Victorian Solar Scheme is a state-specific incentive program. It provides a direct rebate for Victorians purchasing new solar PV systems. In addition to an upfront rebate of up to $1,888, the state government offers interest-free loans to assist in the purchase and installation of new solar technology.
The South Australian government has a robust solar battery scheme which reduces the cost of a home solar battery storage device by up to $6,000. Authorised solar retailers can provide you with further information about eligibility and the application process. Contact our specialists to find out more.
The ACT government has created an impressive home battery storage scheme. Its purpose is to incentive Canberrans to purchase solar batteries. This scheme provides a rebate of up to $825 per kW of energy stored by the new solar battery. For more information about eligibility and the application process, read the eBook and speak with our friendly specialists.