Large-scale Renewable Energy Target (LRET): This scheme provides incentives for large-scale solar power projects (over 100 kW). The rebate is given in the form of Large-scale Generation Certificates (LGCs), which are created based on the amount of electricity the project generates. These LGCs can be sold to electricity retailers or surrendered to the Clean Energy Regulator to meet their renewable energy targets.

The purpose of the LRET is to encourage the development of large-scale renewable energy projects, such as Solar farms, by providing financial incentives to project developers. By creating a market for LGCs, the scheme helps to reduce the cost of renewable energy generation and increase the deployment of Solar power in Australia.

The LRET is part of the broader Renewable Energy Target (RET) scheme, which aims to ensure that a certain percentage of Australia’s electricity comes from renewable sources. The LRET specifically targets large-scale renewable energy projects, while the Small-scale Renewable Energy Scheme (SRES) supports small-scale Solar PV systems and Solar water heaters.

Overall, the LRET plays a key role in driving the transition to a cleaner, more sustainable energy system in Australia. By incentivizing the development of large-scale Solar power projects, the scheme helps to reduce greenhouse gas emissions, create jobs in the renewable energy sector, and increase energy security and independence.