The Australian government offers various Solar rebates and incentives to promote the adoption of Solar energy. One of the primary rebates is the Small-scale Renewable Energy Scheme (SRES), which provides a financial incentive for the installation of small-scale Solar panel systems, wind systems, and Solar water heaters.
Under the SRES, homeowners and businesses can create Small-scale Technology Certificates (STCs) based on the expected electricity generation of their Solar system over a 15-year period. These STCs can be sold to electricity retailers or traders, who are required by law to purchase a certain number of them each year. The value of STCs varies depending on factors like the location, size, and installation date of the Solar system.
The exact Rebate amount depends on the number of STCs the Solar system is eligible for, which is determined by its capacity and location. The more STCs a system generates, the higher the Rebate amount. This Rebate is deducted from the upfront cost of the Solar system, reducing the financial burden on the homeowner or business.
Additionally, some states and territories in Australia offer their own Solar rebates and incentives. For example, the New South Wales (NSW) government has introduced the Empowering Homes program, which provides interest-free loans for Solar battery systems. The South Australian government offers the Home Battery Scheme, which provides subsidies for the installation of energy storage systems.
These rebates and incentives play a crucial role in making Solar energy more accessible and affordable for Australians. They not only help reduce the initial installation costs but also contribute to the overall goal of transitioning to clean and sustainable energy sources.