Under the Small-scale Renewable Energy Scheme (SRES), homeowners and businesses that install Solar panel systems with a capacity of up to 100 kilowatts (kW) are eligible for a Rebate. The Rebate is provided in the form of Small-scale Technology Certificates (STCs), which can be sold or traded to offset the upfront cost of the system.
The number of STCs a Solar panel system is eligible for depends on factors such as the system’s capacity, location, and the amount of electricity it is expected to generate over its lifetime. The more STCs a system is eligible for, the higher the Rebate amount.
To claim the Rebate, homeowners and businesses need to engage an accredited installer to install the Solar panel system. The installer will determine the number of STCs the system is eligible for and deduct the value of those STCs from the upfront cost. They will then create and assign the STCs to an agent who will assume ownership and sell them on the market.
The value of STCs can vary depending on market demand and supply. However, the Rebate amount is typically calculated based on the upfront cost of the system and the number of STCs. This helps reduce the cost of installing Solar panel systems and encourages the uptake of renewable energy.
It’s important to note that the SRES is subject to periodic reviews, and the Rebate amount and eligibility criteria may change over time. Homeowners and businesses interested in installing Solar panel systems should check the current regulations and consult with accredited installers to understand the available rebates and incentives.