Any new renewable energy installation since April 2001 can create Renewable Energy Certificates under the Federal Government's new Renewable Energy Target. (RET) A REC represents 1 MegaWatt-hour (MWh) of energy generated.

The price of RECs is market-based, and changes over time.

Solar Power Systems

The Solar Credits scheme introduced by the Federal government on 9th June 2009 allows a five times multiplier on the number of RECs for the first 1.5kW of a solar power installation. For systems above 1.5kW, the Solar Credit multiplier applies to the first 1.5kW, with standard RECs for the remainder.

When you purchase a system from Solaris, you will receive a rebate of the value of the RECs generated, based on output for the first 15 years. The rebate will be deducted from your purchase price.

Solar Credits are not available for any site which has already had a Federal rebate such as PVRP, SHCP or RRPGP.

Solar Hot Water

For solar hot water systems you can receive a payment for RECs representing the energy deemed to be generated for the first ten years.

For a 315 litre BP Sunpro solar hot water system, 32 RECs are generated. These are currently worth $35.00 each. Therefore the current value of this rebate is $1,120.

For a 1kW system, 20 RECs would be created, currently worth $700. This is paid to you, at the ruling price, after installation.

If you are purchasing a solar power system using BP Solar modules, you may be eligible for EnviroCashback which is $0.50 per watt and you would assign your RECs to BP Solar.