Solar Credits scheme –
Discounts off solar available to
EVERYONE!
The Solar Credits
scheme provides the opportunity for everyone to be
eligible for generous subsidies on
the price of their grid connected
solar power system.
The scheme is not means tested and
is available to everyone
regardless of your household income,
and is open to communities,
commercial businesses, rental
properties or holiday homes.
What is
the Solar Credits scheme
The Solar Credits scheme is a
subsidy system that reduces the
upfront costs of installing grid
connected solar power systems. The
scheme replaced the Solar Homes and
Communities Plan (SHCP) on Wednesday
10th June 2009.
View the
media release.
How does
it work?
The scheme provides a discount
to you through assigning the RECs
associated with the system to Beacon
Solar. A REC is a Renewable Energy
Certificate and works in the same
way as a share certificate,
representing a specific unit of
value. It can be traded for cash and
its value fluctuates depending on
market conditions. Beacon Solar will
effectively buy your RECs to help
further discount the cost of your
system by the total REC value.
The scheme multiplies the
value of the RECs by 5, up to a
1.5kW system. Anything above the
1.5kW will be valued at a 1:1 ratio.
RECs that were previously worth
approximately $50 x 15 years = $750
for a 1kW system. RECs can now be
worth anywhere from $5,852 in Zone 4
to $8,008 in Zone 1 for a 1.5kW
system.*
The Solar Credits scheme will
multiply the REC value by 5 from
2009 until June 30th 2012. From July
2012 the multiplier effect gradually
decreases to;
2012 – 2013
Multiplies by 4
2013 – 2014
Multiplies by 3
2014 – 2015
Multiplies by 2
From July 2015 there will
be no multiplier
Australia is divided into various
zones based on each area’s climate,
with every zone having a REC value
assigned to them. The value of the
zone’s REC will determine what REC
discount you will receive off the
price of the system. Areas such as
Northern and Central Australia are
generally sunnier climates therefore
allocated to Zone 1, whereas capital
cities such as Sydney, Brisbane,
Adelaide and Perth are allocated to
Zones 3, and Melbourne and Hobart
are allocated to Zone 4 due to their
cooler climates. This system aims to
recognize locations that provide
great sunlight, therefore greater
green energy capacity.
You can use the
REC Rating
Zone chart to
determine which zone your home falls
into. Once you have found your
postcode’s REC zone, you can see
what REC subsidy you will receive
for any size system -
1kW, 1.5kW,
2kW or larger.
How does
the Solar Credits scheme compare
to the old Solar Homes and
Communities Plan (SHCP) rebate?
The Solar Credits
scheme opens up the discount to
everyone! Previously under the old
SHCP scheme households with combined
income above $100,000 could not
receive the $8,000 rebate. With Solar Credits there
is no means test, which means
everyone can receive the discount!
The scheme is also available to
communities, businesses, rental
properties, holiday homes or
commercial premises – which were
excluded under the old SHCP scheme.
Not only can you receive generous
subsidies under the new Solar
Credits scheme, you may also be
eligible for further savings under
your
states
Feed-in-Tariffs scheme.
*RECs subject to fluctuating market conditions.
