Residential Solar Rebates
We all know that Residential and Commercial need a huge amount of energy every day. Our traditional source of power energy is fossil fuels. A few amount of energy we generate and use from renewable sources. But there are various opportunities to use renewable energy and the benefits of using solar systems.
A business owner or an individual can be benefited by installing solar from Renewable Energy Certificate (STCs), Environmental Upgrade Agreements (EUAs), ATO Tax Concessions, and Government process for residential solar rebates.
Solar users can enjoy two ways to recoup some costs for installing solar systems, maintenance, and Buying batteries. The first one is from the government rebate. Government trying to contribute to buying and installing solar systems at homes or commercial property. The second one is from Net Metering. You can send excess electricity to the national grid to earn credits.
Rebates are available from the Federal Government for battery storage and rooftop solar systems. This rebate can cut down your purchasing costs.
The table below shows the level of financial support available from STCs on solar PV systems in the major capital cities of Australia.
| City | Zone | Rating | System Size | Deeming Period | Total STC Entitlement | Total Subsidy |
|---|---|---|---|---|---|---|
| Adelaide | 3 | 1.382 | x 3 KW | x 15 (Years) = | 62 | $2480 (62 STCs x $40) |
| Brisbane | 3 | 1.382 | x 3 kW | x 15 (years)= | 62 | $2480 (62 STCs x $40) |
| Canberra | 3 | 1.382 | x 3 KW | x 15 (Years) = | 62 | $2480 (62 STCs x $40) |
| Darwin | 2 | 1.536 | x 3 kW | x 15 (years)= | 69 | $2670 (69 STCs x $40) |
| Hobart | 4 | 1.185 | x 3 kW | x 15 (years)= | 53 | $2120 (53 STCs x $40) |
| Melbourne | 4 | 1.185 | x 3 kW | x 15 (years)= | 53 | $2120 (53 STCs x $40) |
| Perth | 3 | 1.382 | x 3 KW | x 15 (Years) = | 62 | $2480 (62 STCs x $40) |
| Sydney | 3 | 1.382 | x 3 kW | x 15 (years)= | 62 | $2480 (62 STCs x $40) |
Zone Rating x Rated Power Output (3 kW) x Deeming Period (15 years) = Total STC Entitlement. Figures based on the $35 STC rate. This is an approximate rate and the STC price will vary. For more information click here.
Small Scale Renewable Energy Scheme (SRES)
If you are a Residential or business owner with a solar system, then Small Scale Renewable Energy Scheme (SRES) has a financial incentive for you. The Australian government has a scheme to encourage individuals and business owners to install renewable energy by giving Small-Scale Technology Certificate (STCs).
After installing a solar system, you will get electronic money in form of an STCs Certificate. One certificate will be issued per megawatt-hour of electricity from your solar system.
Buyers will get an STCs certificate with a year of installation which they have two ways to make money with this. Firstly, sell the STCs certificate to wholesale buyer / Electricity retailer. Retailers pay the owner according to market price which is determined by online trading.
Secondly, you can assign your STCs to some registered agents. They will pay you for your STCs Certificate the market value.
STCs and Solar Credits
The Solar Credits program is based on the Renewable Energy Certificate system, but with a certificate multiplier incentive that may provide up to three times the typical amount of STCs for solar power installations up to 1.5kW.
The table below shows the level of financial support available from Solar Credits on solar power systems in the major capital cities of Australia:
| City | Number Of Solar Credits Due |
|---|---|
| Adelaide | $2170 (62 STCs x $35) |
| Brisbane | $2170 (62 STCs x $35) |
| Canberra | $2170 (62 STCs x $35) |
| Darwin | $2415 (69 STCs x $35) |
| Hobart | $1855 (53 STCs x $35) |
| Melbourne | $1855 (53 STCs x $35) |
| Perth | $2170 (62 STCs x $35) |
| Sydney | $2170 (62 STCs x $35) |
Investment Tax Credit (ITC)
The investment tax credit is provided by the Federal Government of Australia to encourage homeowners or Business owners to install solar systems on their property. According to ITC owner is allowed to cut a portion of their tax as a rebate of solar costs. From this government, residential solar rebates scheme both individual owners and businessmen will get 26% of solar installation costs from their tax.
State Tax Credits
Some states of Australia offer tax credits to the owner for purchasing solar systems and installing them on their property. You will get a portion of solar buying costs from your state bill. The amount will determine the state. This is also a government rebate for residential solar systems.
Performance Based Incentives (PBIs)
Some states or utilities in Australia offer performance based incentives for your installed solar systems. They are paid per kilowatt-hour credit for your electricity that generates your solar systems. According to Performance-based incentives, there is no need to be sold your electricity on market. Authority determines the rate of incentive after installation of solar systems automatically. Performance based incentives in parallel to SRECs scheme.
New South Wales ( NSW ) Government Rebates
When you buy a solar panel system in New South Wales, you may qualify for an NSW government residential solar rebate, which can reduce the cost of your system by up to 33%.
The solar rebate offered by the NSW government is made up of ‘small-scale technology certifications’ (STCs). When a renewable energy system is constructed, STCs are produced. The total quantity of energy generated determines the number of STCs available under the NSW solar rebate 2021. For every megawatt-hour of production capacity in the system, one STC is typically produced.
The number of STCs you receive is determined by the amount of electricity your solar panel system will generate during its lifespan. As a result, the bigger the system, the bigger the refund. The amount of energy you generate is also determined by your location; panels that receive more sunshine will produce more energy than panels that are influenced by their surroundings.
The average government solar subsidy in NSW is presently around $600 per kW of solar panels installed. The NSW government’s solar panel incentives, on the other hand, are decreasing every year. The NSW solar rebate 2021 is an appealing offer if you want to lower your carbon impact while also increasing your financial independence.
To qualify for the refund, your solar panels and solar batteries must be on the Clean Energy Council‘s (CEC) approved product list. Furthermore, the system must have been installed by a CEC authorized technician. The entire value of the STCs that your solar power system will generate will usually be deducted from the purchase price of your solar power system by your solar panel installation. The value of the STCs at the time of purchase is used to make this adjustment.
Victorian Government Rebate
Victorian government offers a solar rebate to the owner of solar panels. The owner can apply not only for a solar rebate but also for interest-free loans. Victorian government rebates include panels for homes, panels for rental properties, batteries, and hot water. To get rebates from the Victorian government you need to apply. After confirmation, you will get that amount.
Australian Capital Territory (ACT)
The ACT Government is working to install 5000 battery storage for renewable energy sources in their territory. This will include homes and business properties. By Next-generation energy storage grants, the ACT government provides rebates to the solar owner.
Queensland Government Grants
Homeowners and Small business property with solar systems are eligible for Queensland Government solar grants. Queensland government offers interest-free loans and direct grants to solar owners.
Again, the Queensland government has a scheme called Feed-in-Tariff (FiT). According to this scheme, electricity retailers pay solar owners for the excess power they generate and send to the national grid. Feed-in-Tariffs are only eligible for home based solar systems. But the commercial solar owner can negotiate and get paid under the Feed-in-Tariff scheme.
South Australian Government Rebates
South Australian Government provides a rebate to the solar owner as a subsidy to meet the costs of battery storage for solar systems and the owner can get low interest finance help.
To promote the gradual expansion of renewable energy sources government offers a rebate to the user. Along with governments, utilities and other organizations are working to encourage people to move on solar systems to meet energy demand. With a government rebate, you can cut down your net cost of solar panel system installation by about 26 to 50 percent.