The SRES was introduced by the Australian government in 2011 as part of their efforts to encourage the uptake of renewable energy technologies. It is managed by the Clean Energy Regulator and is funded through a levy on electricity retailers.
The amount of financial incentives provided under the SRES is determined by the number of STCs a Solar installation is eligible for. The number of STCs is determined based on the size of the Solar PV system and its location. Generally, larger systems and those installed in areas with higher Solar radiation receive more STCs.
The STCs can be created and claimed by the system owner or assigned to an agent, such as a Solar retailer, who can then sell or trade them on the market. The value of STCs fluctuates depending on supply and demand factors. System owners can use the proceeds from selling the STCs to offset the upfront cost of installing the Solar PV system.
The SRES has been successful in promoting the adoption of small-scale Solar PV systems in Australia. It has contributed to the significant growth of the Solar industry and has helped reduce greenhouse gas emissions by displacing conventional electricity generation with clean, renewable energy.
It is important to note that the SRES is subject to periodic reviews, and the level of financial incentives can change over time. Therefore, it is advisable to consult the Clean Energy Regulator or a reputable Solar retailer for the most up-to-date information regarding the SRES and its incentives.