Any new renewable energy installation since April 2001 can create Renewable Energy Certificates under the Federal Government's Mandatory Renewable Energy Target. (MRET) A REC represents 1 MegaWatt-hour (MWh) of energy generated. The price of RECs is market-based, and changes over time.

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 solar power systems, 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 paid direct to you after installation.

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.