GOVERNMENT REBATES AND INCENTIVES
RENEWABLE ENERGY CERTIFICATES (RECs)
Renewable Energy Certificates are issued for small scale solar photovoltaic systems and other renewable energy systems, including hot water heat pumps. The number of certificates issued depends on the size, location and deeming period of the certificates. The certificates are a trading commodity and are traded on a market; hence fluctuate in value on a daily basis. The number of certificates you are eligible for vary. For example, a 303 litre Stiebel Eltron heat pump entitles you to 30 RECs. For a 1.5kW Grid Connect System, you are entitled to 155 RECs under the Solar Credits Scheme.
As a RECs trader, NQ Solar is able to discount your solar energy upfront for the value of your RECs. This means you save money straight away on the cost of installing solar!
Please note, the RECs price quoted on the NQ Solar website is applicable to systems purchased from NQ Solar. For those interested in selling their RECs to NQ Solar, please contact us for a current price.
To find out more about the Renewable Energy Certificates, click here.
SOLAR CREDITS SCHEME
The Solar Credits Scheme is now available to residential, rental and commercial properties. The Solar Credits Scheme multiplies the number of REC's by a factor of 5 for the first 1.5kW of a system. Any additional kW above 1.5kW receives a further REC's discount with no multiplying effect. The multiplier factor of 5 is applied until the 30 June 2012, after this date it reduces by 1 for every year thereafter until 2016. The discount on the system is determined by the number of REC's once the Solar Credits Scheme is applied as shown in the following example.
A 2kW Grid Connect System installed in North Queensland:
First 1.5kW System = entitled to 31.095 RECs
Solar Credit Scheme Multipler = (31.095 RECs x 5) = 155.475 RECs
Remaining 0.5kW = entitled to 10.365 REC's
RECs for 2kW system = 155.475 + 10.365 = 165.84 = 165 RECs (after rounding down).
Discount on 2kW System = (No. RECs x value of RECs) = 165 RECs x $30 = $4950 upfront discount off a 2kW system.
Note: This assumes the REC market value of $30 each.
To find out more about the Solar Credits Scheme, click here
To find out more about photovoltaic grid connect solar systems click here.
STAND ALONE POWER SYSTEM REBATE
Currently there are no rebates available for Stand Alone Power Systems.
GREEN LOANS
The Australian Government has introduced the Green Loans program to assist Australian families on how to make their homes sustainable by installing solar power, hot water heating systems and other energy efficient products.
The Green Loans program enables homeowners to obtain a free Home Sustainability Assessment carried out by a qualified assessor. Following the assessment the household will be supplied with a generated report advising them on the best actions to reduce energy and water use, increase the comfort of their home and help save money on their power bill.
The assessment will involve the physical inspection of the households energy and water systems relating to heating and cooling, water heating, lighting, refrigeration, cooking, entertainment, water efficiency and outdoor consumption.
To qualify for the Green Loans Program, you must book a free sustainability assessment with a local assessor. To find out more about the Green Loans program, or to find an assessor in your area, phone 1800 895 076.
GREEN START
On 8 July 2010, the Minister for Climate Change, Energy Efficiency, and Water, Senator Penny Wong announced that the Green Loans program would be replaced by the Green Start program by January 2011.
To ease the transition between programs, sustainability assessments will continue under the Green Loans program arrangement. More details to be released in the coming months.
For updates on the Green Start program, Government Rebates or any of our products, please subscribe to the NQ Solar E-newsletter.
SOLAR BONUS SCHEME (QUEENSLAND)
The Solar Bonus Scheme provides a feed-in tariff for electricity generated by solar photovoltaic (PV) systems that is exported into the grid. This means your power bill will be credited with 44c for every kilowatt hour (kWh) that your grid connect system feeds back into the grid above your electricity demand at any time while your PV system is generating power. Currently most households purchase electricity for 21.35c per kWh from their supplier. Any electricity generated by the grid connect system and used in the household will be free of charge.
The Solar Bonus Scheme encourages households to ensure minimal power is used during the day and encourages consumers to be energy conscious. By ensuring minimal power is used during the day, maximum benefit can be obtained from the solar system. Families who are out during the day will ensure all lights and fans are off, all appliances are off at the power point, appliances like dishwashers and washing machines to be used early morning or evening to obtain the maximum power to be exported to the grid during the day.
An example of the daily power usage of a household of five compared to the power generated by a PV system is illustrated in the graph below. The bars in red indicate what power is being used by a household and the bars in green indicate the power being generated by the PV system. Whenever the green bars exceed the red bars, excess power is being exported into the electricity grid.
