These financial incentives are in the form of Small-scale Technology Certificates (STCs), which are created for every megawatt-hour of electricity that is generated by the Solar PV system. The number of STCs generated depends on the size, location, and installation date of the system.
The STCs can be traded and sold to electricity retailers or other entities that have a legal obligation to offset their carbon emissions. The value of the STCs fluctuates based on market demand and supply.
To be eligible for the Solar Rebate, the Solar PV system must be installed by a Clean Energy Council (CEC) accredited installer and meet certain technical requirements. The installer will usually handle the paperwork and claim the STCs on behalf of the system owner.
The Rebate amount varies depending on factors such as the size of the system and the region in which it is installed. The Rebate is typically deducted from the upfront cost of the system, reducing the out-of-pocket expense for the owner.
It’s important to note that the Solar Rebate is subject to change, and the government periodically reviews and adjusts the scheme. Therefore, it’s advisable to check the latest information from the Clean Energy Regulator or relevant government agencies to ensure eligibility and understand the current Rebate rates.