The main Solar Rebate program in Australia is the Small-scale Renewable Energy Scheme (SRES), which provides a financial incentive for installing small-scale Solar power systems, including Solar panels and Solar water heaters. Under the SRES, homeowners and businesses can create Small-scale Technology Certificates (STCs) for the electricity their Solar systems generate.
The number of STCs created depends on the size of the system and the geographical location, with areas receiving more sunlight generating more STCs. These STCs can then be sold to electricity retailers, who are obligated by law to purchase a certain number of certificates each year.
The value of each STC fluctuates depending on market conditions but generally represents a discount on the upfront cost of the Solar system. This reduces the payback period for the investment and makes Solar power more affordable for consumers.
In addition to the SRES, some state governments in Australia also offer their own Solar rebates and incentives. These vary by state and can include additional financial incentives, such as grants or low-interest loans, to further reduce the cost of installing Solar power systems.
Overall, Solar rebates in Australia play a crucial role in promoting the adoption of Solar energy and reducing greenhouse gas emissions. They help make Solar power more accessible to a wider range of households and businesses, contributing to the country’s renewable energy targets and transitioning towards a cleaner and more sustainable energy future.