Renewable Energy Target participants who invest in, and generate, renewable energy may be eligible for financial incentives under the scheme.
These financial incentives are offered in the form of tradable certificates, which act as an electronic form of currency. Certificates, which are comprised of large-scale generation certificates, and small-scale technology certificates, are calculated on the amount of renewable energy which is generated or displaced from a system or power station. For example, one certificate can be created for each megawatt hour (MWh) of electricity generated.
Find out more about the eligibility requirements for each scheme.
The Small-scale Renewable Energy Scheme
Under the Renewable Energy Target, if you have installed an eligible small-scale renewable energy system within the past 12 months you may be eligible to create small-scale technology certificates.
The number of small-scale technology certificates that can be created per system is based on geographical location, installation date, and the amount of electricity in megawatt hours (MWh) the system generates or displaces over the course of its deemed generation period.
Owners of eligible systems may be eligible to receive either an upfront discount off the total cost of their system, or a quantity of small-scale technology certificates which can be created and sold following installation to recoup some of the cost.
Learn more about small-scale systems eligible for certificates and how to claim small-scale technology certificates yourself, or assign the right to create them for an upfront financial benefit.
Financial incentives available outside of the scheme
In addition to financial incentives offered under the Renewable Energy Target, individuals and small businesses who install a small-scale system may also be eligible for feed-in tariffs.
Feed-in tariffs are designed to pay you for excess electricity generated and fed into the main grid by your small-scale renewable energy system.
State and territory Governments regulate and oversee the administration of feed-in tariffs, which may vary depending on where you live. To find out if you are eligible for a feed-in tariff, you will need to contact your state or territory government, or electricity retailer who will provide you with further information, and if you are eligible, will help you apply.
The Large-scale Renewable Energy Target
Accredited renewable energy power stations are entitled to create large-scale generation certificates for all eligible electricity generated above a regulated level, called the baseline. Once created, large-scale generation certificates can be sold to offset the cost of investment, or if you are a liable entity, surrendered to the Clean Energy Regulator to meet your liability obligations.
Learn how to gain accreditation for a renewable energy power station and how to calculate financial incentives you may be eligible for.
How much will the subsidy reduce in coming years?
Because the scheme is being terminated, the deeming period will reduce each year. The following graph shows the impact of the shortening deeming period on the Solar Credits subsidy out to 2030, assuming a 5kW installation in Melbourne and an STC value of $38 per certificate.
If you’re interested in installing solar power at your home, you can take advantage of current subsidy levels. View our current specials and contact our team 133-SUN, or try our quick quoting system.