Financial incentives for solar water heaters/heat pumps
Under the Small-scale Renewable Energy Scheme the reduction in the cost of your solar water heater/heat pump is not a rebate. You will not qualify for any Government-based financial recompense at the completion of any process relating to STCs.
Solar water heaters and heat pumps are entitled to a number of Small-scale Technology Certificates (STCs) if the system is eligible. This is based on an estimate of the amount of electricity in megawatt hours (MWh) the system will displace over a 10 year period.
If you are replacing an electric hot water system the Australian Government also offers a rebate through the Renewable Energy Bonus Scheme which is in addition to your STCs. The Renewable Energy Bonus Scheme is administrated by the Department of Climate Change and Energy Efficiency. Phone 1800 808 571 or visit Renewable Energy Bonus Scheme.
How to get a financial incentive if you go through a registered Agent
Once the installation of your solar panel system is complete you can assign your STCs to your solar panel Agent in exchange for a financial incentive such as a discount off the invoice. This is completed by signing an STC Assignment Form.
The financial incentive is usually based on the STC price at the time. The price of STCs fluctuates depending on supply and demand. In most cases STCs are traded at less than $40 in the STC market.
How to get your financial incentive if you decide to create the STCs yourself
Although a majority of owners choose to go through a registered Agent, some choose to create the STCs themselves. This process is complicated and includes:
- Determining the eligibility of the solar water heater/heat pump
- Calculating the STCs
- Completing the appropriate compliance paperwork
- Creating an account in the REC Registry
- Verifying your identity
- Creating STCs in the REC Registry
- Waiting to have the STCs validated
- Finding a buyer or placing the STCs in the STC Clearing House queue.
ORER cannot provide an estimate of how long it will take for STCs to sell in the Clearing House. STCs will only sell when a buyer is available and owners should plan their system purchase with this in mind.
Visit:
Approximate financial incentives available
The below table demonstrates the approximate financial incentive you may receive after you have installed your solar water heater or heat pump. This is based on:
- an STC price between $15 and $40.
- an average domestic system.
- the general STC average for a city.
| It is intended as a guide only. Prices may vary so do not expect that these are the discounts you will receive. |
If you live outside of these areas, or want to be more specific with your calculations, you can use the SWH Calculator to see how many STCs you will receive and then multiply by a $15-$40 STC price.
Visit – SWH calculator
Make sure you shop around and ask system retailers/agents the STC price they are offering for your system.
Solar Water Heater
|
City
|
STCs
|
Retailer
$15-$40 STC Price - In most cases STCs are traded at less than $40 in the STC market. |
| Adelaide |
26
|
$390 -$1,040
|
| Brisbane |
21
|
$315 -$840
|
| Canberra |
26
|
$390 -$1,040
|
| Darwin |
21
|
$315 -$840
|
| Hobart |
26
|
$390 -$1,040
|
| Melbourne |
26
|
$390 -$1,040
|
| Perth |
26
|
$390 -$1,040
|
| Sydney |
26
|
$390 -$1,040
|
Heat Pump
|
City
|
STCs
|
Retailer
$15-$40 STC Price - In most cases STCs are traded at less than $40 in the STC Market |
| Adelaide |
26
|
$390 -$1,040
|
| Brisbane |
23
|
$345 -$920
|
| Canberra |
26
|
$390 -$1,040
|
| Darwin |
23
|
$345 -$920
|
| Hobart |
26
|
$390 -$1,040
|
| Melbourne |
26
|
$390 -$1,040
|
| Perth |
26
|
$390 -$1,040
|
| Sydney |
26
|
$390 -$1,040
|
Last updated Monday, 6 February 2012 10:54:57 AM