The SRES is administered by the Clean Energy Regulator and operates through a system of small-scale technology certificates (STCs). When a Solar power system is installed, the system owner can create STCs based on the expected electricity generation of the system over a 15-year period.
These STCs can then be sold to electricity retailers or other buyers who have a legal obligation to acquire a certain number of STCs each year. The price of STCs fluctuates based on supply and demand, providing a financial incentive for Solar system owners.
The amount of financial incentive provided by the SRES depends on various factors such as the size and location of the Solar system. The number of STCs that can be created for a system is determined by a formula that takes into account the system’s capacity, location, and installation date.
In addition to the SRES, some state governments in Australia also offer their own Solar rebates and incentives. These can include additional financial incentives or feed-in tariffs, which allow Solar system owners to sell excess electricity generated by their system back to the grid at a premium rate.
Overall, these Solar rebates and incentives aim to make Solar power more affordable and accessible for households and businesses in Australia, helping to reduce greenhouse gas emissions and reliance on fossil fuels.