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.
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