New Solar Credit Scheme

The Solar Credits Scheme has replaced the $8,000 government rebate and is open to all Australian residents without the need for a previously required means test. This new incentive utilises the existing Renewable Energy Certificate (REC's) system but includes a 5x multiplier to the number of REC's or Solar Credits for systems up to 1.5kW.

If you were not previously eligible under the old $8,000 rebate scheme, you may now be eligible for incentives under this new scheme.  

There are several major differences between the old $8,000 rebate and the current Solar Credits Scheme. While the old rebate had a $100,000 means test for the household, the Solar Credits scheme makes all income levels eligible for incentives.

Consumers and businesses alike are now eligible under the Solar Credits Scheme, providing incentives for properties that are not primary residences like investment properties and holiday homes.

The main financial benefit under the Solar Credits Scheme is an increase in the number of Renewable Energy Certificates (RECs) that a solar system produces. In comparison to the $8,000 rebate scheme, a solar system installed under the Solar Credits Scheme can receive up to $7500 off the cost of a solar power system. These Credits will assist with the upfront cost of installing solar power systems. Solar Credits will apply to new installations of renewable energy generators eligible under the scheme. The number of additional credits will be based on the multiple as set out in the following table and location.  

PV systems with a capacity above 1.5 kW are also eligible for the multiplier at 1:5 up to 1.5kW and then the standard 1:1 rate of RECs creation beyond that . The credits will only apply to the first small scale generation system installed at an address. Under the solar credits scheme, home owners can receive certificates for the lifetime generation of the system either upfront or over longer time periods of one, five or fifteen years This is called the deeming period. 

So contact your local Power Partner on 1300 SOLAR 1 and find out how you can receive your solar credits. For more Information visit - http://www.climatechange.gov.au/renewabletarget/index.html