 Government Rebates
Photovoltaic Electricity
On the 8th June the Federal Government unexpectedly pulled the Solar Homes
and Communities Plan $8000 rebate, 3 weeks earlier than originally publicised.
The replacement system, the Solar Credits scheme applies to eligible systems
installed on or after 9th June 2009. It allows installers of eligible solar
power systems to create up to five times the usual number of Renewable
Energy Certificates (RECs) on the first 1.5 kW of the rated peak output
of their system. The sale of these certificates contributes a significant
proportion of the cost of the solar power system.
REC's
The Federal Government instituted the Renewable Energy Certificates system
to increase the amount of electricity generated by renewable sources.
Each REC credit represents a saving of one megawatt of electricity
generated from fossil fuels over 10 years. A REC for a solar water
heater or PV
system
is the equivalent of 1 MWh of renewable energy produced, or non-renewable
energy displaced over ten years.
Much like the value of a share, the value of a REC is market sensitive
and subject to change.
Generally your installer will get you to assign the RECs over to
them in return for a discount off the system to the value of the
RECs. You
can
choose to keep your RECs so they are not purchased by a polluter
or large energy user, or to trade at a later date
Hot Water Rebates
Hot water systems typically account for 30% of your homes power usage
so there are generous incentives to change your hot water system to
a more
energy efficient system
RECs
Like Solar PV systems, solar hot water systems accrue Renewable Energy
Certificates based on the amount of electricity they are going to save
over 10 years.
The amount of RECs awarded to a hot water system is based on the efficiency
of the system and the climate zone you live in. Basically, the more
efficient the system the higher the number of RECs awarded.
Federal Government Rebate
The Federal Government has announced the new household Renewable Energy
Bonus Scheme that will assist households to save money on power bills and
reduce their carbon emission.
From 20 February 2010, the rebate on solar hot water systems is $1000
For more information see the Federal Government website
NSW State Rebate
The NSW Government offers a rebate of $300 when replacing an existing
electric hot water system with a solar hot water system.
This rebate is
in addition to the Federal rebates.
Eligibility
- Must be purchased and installed after 15 January 2010
- Must replace an electric storage hot water system, new homes
are not eligible
- This rebate expires on 30th June 2011
- Applies to residential dwellings in NSW only
- Applies to solar and heat pump hot water systems with a minimum
of 20RECS
- Be installed by licensed plumber
NSW Rebate Terms and Conditions
NSW Rebate Application form
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