The Australian and Victorian governments offer incentives to those who install renewable energy systems, whether for home, business, grid-connection, off-grid, hot water or solar power. You can save around 20% of the cost of a small solar PV installation (potentially more for off-grid solutions).
You can then get credit for the surplus electricity that you produce. The following is an overview of what’s on offer.
The Australian Federal Government rebate for solar panel installations is in the form of tradable ‘Small-scale Technology Certificates’ (STCs). This is designed to support households and businesses adopting solar, while growing the renewable energy industry to meet Australia’s clean energy targets.
Under the Solar Credit scheme, systems of up to 1.5 kilowatts in size will receive a Solar Credits "multiplier bonus" which multiplies the value of STCs. In practice this means 79 STCs for a system in Melbourne - more in the ACT - with the market price for these certificates fluctuating from $25-$30 for a rebate of between $1,975 and $2,370 off the price of a qualifying system.
This 3x rebate is valid until June 30th, 2012 at which time the multiplier will decrease to 2x for the next year, before disappearing in July 2013.
SolarQuip offers customers a discount approximately equivalent to the market value of STCs at the time of installation. We will indicate the approximate amount of STC rebate upon receipt of your order.
The Victorian Government offers an incentive for those who install solar hot water systems, where replacing or upgrading an inefficient electric system. This rebate is valued as equivalent to one tonne of carbon dioxide.
Systems eligible for this rebate include gas- or electric-boosted solar hot water systems, as well as solar pre-heaters and retrofit kits. The number of VEECs applicable varies according to the system. Up to 61 VEECs may be available for a gas-boosted solar system, worth approximately $1,000 (depending on the current VEEC market value).
The feed in tariff means that you can earn 25c (depending on which electricity retailer you buy your supply from) for every kilowatt of power that is not used in your home.
This return will be different for every home, as it depends on how much power you use at different times of the day. Of course, your solar system is producing most energy during the day, when many homes are using the least electricity, so this is when you would be earning the most money off your roof.
For a small 1.5kW system, the returns could be from $400 to $500 per year, and will help pay off the system installation cost.