Residential solar systems are currently in such a great demand, not only because it can save each household hundreds of dollars per quarter, but also because of the “Solar Rebate” available to everyone.
To start understanding the “solar rebate”, it is important to use the correct term for this, which is not a rebate as such, but rather a solar incentive scheme. This is because the scheme is not providing a refund as a “rebate” would imply, but a subsidy, granting money to eligible individuals.
How does it work?
The Australian Government is running this scheme to significantly decrease the upfront cost of solar systems to encourage the installation of solar systems and work towards reaching Australia’s Renewable Energy Target. Essentially, the government is paying you to install a solar system!
How much do I get?
The value of the incentive is calculated based on two main aspects. The first is the number of Small Technology Credit (STC) the solar system is eligible for and the second is the monetary value of each STC. This is based off the solar system size as well as the location.
What are STCs?
The Clean Energy Council indicate that “Small-scale technology certificates are tradable certificates which you can create and trade yourself, or assign the right to create to a registered agent in exchange for an upfront discount off the cost of your system… The majority of system owners choose to assign the right to small-scale technology certificates to a registered agent, as receiving an upfront financial benefit is often a simpler process, and faster than creating and trading the certificates independently...”
How many STCs am I eligible to?
The amount of STCs each individual is eligible for varies depending on the suburb the system is installed in, the kilowatt solar system size and the date of installation. The exact amount is subject to change, so it is recommended that you get in contact with your solar specialist for an estimation of the amount STC you are eligible for.
Why does the amount of STCs vary between individuals?
The suburb is a vital factor in determining the amount of STCs a solar system is eligible for. This is because each suburb is within a specific zone, which represents the level of solar radiation for that geographical area and the allocation of STCs.
The size of the system, enable the prediction of future renewable energy generation and is valued through the allocation of STCs.
The date of installation determines the monetary value of each STC. This is because the value of each STC is subject to change and as Australia approached the Renewable Energy Target, the value of each STC decrease every year. Although, the value does modulate from day to day, although not a significant change like the annual price change.
How much is each STC worth?
The value of each STC is quite dynamic and is subject to frequent fluctuations each day. The value can be between $0 - $40, although on average it is valued $32 - $36 per STC as of September 2019, although is subject to change.
How much will I actually get for this solar subsidy?
Your total solar incentive will be the product of the amount of STCs you are eligible for and the value of each STC at the time. For example, if a 6.6kW solar system is worth 109 STCs at $34, you will be eligible for $3,706 from this scheme. When getting a quote from Advanced Solar, we will calculate this solar subsidy and apply the amount to your quote as a discount.
How do I claim this solar incentive?
To take advantage of the current incentive, you simply need to get a solar system installed at your home or business that is no more than 99kW in size (the average residential solar system size is 7.13 and the most common is 6.6kW) and Advanced Solar will take care of the rest. All you need to do is simply sign the Small Technology Credit (STC) form provided to you by the Solar Installers on the day of installation and lodged them on your behalf.
When will I receive the solar subsidy?
Advanced Solar can claim the incentive on your behalf and provide it to you upfront as a discount to your quote. Therefore, on acceptance of your solar system quote you will receive the solar subsidy.
How do I get a solar system installed?
Contact you Advanced Solar Consultant for a consultation meeting to design the ideal solar system based on your unique energy usage and your roof characteristics. Then we will simply book in the installation of your solar system with our Installers.
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✉️ Sales@advancedsolar.org.au