1. Small-scale Renewable Energy Scheme (SRES): This Rebate is provided through the creation of Small-scale Technology Certificates (STCs). When you install a Solar power system, you earn a certain number of STCs based on the system’s capacity and the amount of renewable energy it is expected to generate over its lifetime. These STCs can then be sold to electricity retailers, who are required to acquire a certain number of them each year to meet their renewable energy targets. The value of STCs varies depending on market demand and can be used to offset the upfront cost of installing a Solar power system.
2. Feed-in Tariffs (FiTs): FiTs are a form of incentive provided by electricity retailers to compensate Solar power system owners for the excess electricity they feed back into the grid. When your Solar power system generates more electricity than you consume, the excess is exported to the grid. The electricity retailer will pay you a rate per kilowatt-hour for this exported electricity, which is typically higher than the retail electricity rate. FiTs can help reduce your electricity bills and provide a financial return on your Solar investment.
It’s important to note that Solar rebates and FiTs vary between states and territories in Australia. The availability, eligibility criteria, and rates may differ, so it’s advisable to check with your local government or relevant authorities for specific details.
