Funded by the Australian Government Clean Energy Regulator, the Small-Scale Renewable Energy Scheme is a financial incentive for property owners to install renewable energy systems such as solar PV systems to generate clean, renewable energy.
There are two schemes, the Small-scale Renewable Energy Scheme is generally for household installations for rooftop solar PV and solar hot water systems, whereas the other is a Large-scale Renewable Energy Target. This scheme is for large, power stations to accomplish a certain amount of renewable energy generated by 2020.
What is the value of the rebate?
The value of your solar PV rebate may change and varies, this is driven by factors associated by your postcode and the size of the system installed. Your rebate is then determined by the amount of renewable energy your system is predicted to generate.
As part of the Small-scale Renewable Energy Scheme for your solar system installation, depending on the size and location of the installation you are allocated a certain number of certificates, these are referred to as small-scale technology certificates and hold a dollar value. The dollar value of the certificates has decreased over time with the incredible uptake of solar in Australia making rooftop solar installations an affordable household upgrade. When calculated, the value of your rebate could be between $100 – $4,000 off the cost price of your solar PV system.
How to claim your STC solar rebate
Claiming your solar rebate is easy, because we take care of all the paperwork for you. With most solar companies, you will find that instead of you receiving your rebate after installation, your rebate is applied as a discount off the cost price for you – making your system more affordable and reducing your upfront financial outlay.
To do this, you provide your installer with permission to claim this rebate on your behalf for your system while you receive the rebate upfront.
Why does this scheme exist?
Australia is rich in its solar energy, with a great amount of sun it’s a no-brainer for households and businesses all over the country to use their rooftops for such a great purpose and generate clean, renewable energy for use instead of increasing the demand for energy generated by non-renewable sources.
By providing home and business owners with this financial incentive, it makes sense to install this cutting-edge technology. By installing a solar PV system, you not only reduce your dependence on the overwhelmed energy grid but you also have the power to reduce your energy bills instead of paying ludicrously high energy bills to your energy retailer.
When will the STC rebate conclude?
Initially, the Small-scale Renewable Energy Scheme was expected to conclude in 2030 however, recent recommendations made by the Australian Consumer and Competition Commission (ACCC) have advocated for the scheme to end in 2021, nine years before its scheduled finishing date!
Why end the rebate early?
The incredible uptake by the Australian solar homeowners has led the ACCC to believe that whilst initially, installing solar was not a household improvement that many could afford to implement, now more households are installing solar than ever before which prompts the ACCC believe that the STC rebate doesn’t influence homeowners as much as it previously did. With technology being more affordable nowadays because of the push in demand minimising the cost onto customers, its no wonder more are installing solar, but to end the rebate nine years prematurely doesn’t fit well with the Australian public, especially those still struggling to keep up with regular high energy bills.
Who has shown support to end the rebate early?
Recently, WA Energy Minister Ben Wyatt showed his support with the ACCC recommendations suggesting that it was not required any more. You can read the full article here in The Western Australian.
Install your solar system before it’s too late and redeem the value of your installation to save on your outlay. Contact Sunbank Solar on 1300 28 29 30.