These STCs can then be sold to electricity retailers, who are required by law to purchase a certain number of them each year. The value of each STC is determined by market demand and can fluctuate over time.
To be eligible for the SRES, Solar panel installations must meet certain criteria, including:
1. The system must be small-scale, with a capacity of no more than 100 kilowatts.
2. The Solar panels must be approved by the Clean Energy Council (CEC) and listed on the CEC’s Approved Products List.
3. The installation must be carried out by a CEC-accredited installer.
The amount of STCs received for each eligible Solar panel installation is determined by the system’s capacity and the location’s Solar zone rating. The Solar zone rating takes into account the average daily Solar radiation levels in a particular area.
The SRES is designed to encourage the adoption of small-scale renewable energy systems, particularly Solar panels, by making them more affordable for consumers. By providing financial incentives in the form of STCs, the government aims to reduce greenhouse gas emissions and promote the transition to cleaner, renewable sources of energy.
It’s important to note that the SRES is subject to change and may be phased out or replaced by other programs in the future. Therefore, it’s advisable to consult with a Solar panel installer or energy retailer for the most up-to-date information on the availability and benefits of the scheme.