Incentives associated with the Renewable Energy Industry have traditionally been susceptible to changes in government policy. The following aims to summarise the main schemes that are applicable, if you are considering installing renewable energy products.

They can be categorised into the following:

1. General

The Federal Government’s Solar Credit Scheme is the mechanism via which it acknowledges and values the renewable energy produced by your solar power, or solar hot water system.  The Renewable Energy Certificate (REC) is the related commodity that is generated to account for the coal-fired electricity that would have otherwise been consumed.  RECs are traded on a market and so their price can fluctuate over time. For more information click here.
 

2. Solar Power Systems Incentives

          Federal Government

A correctly installed solar power system is eligible for a discount or rebate based on its associated RECs. See Solar Credit Scheme above.

Queensland State Government

The Queensland State Government has chosen a “net feed-in tariff” to price electricity for owners of solar power systems (as opposed to the “gross feed-in tariff” mode that is gaining popularity elsewhere in the environmentally aware world). Provision under the government’s Solar Bonus Scheme, rewards renewable energy generators by increasing the value of the electricity that they are able to export to the grid.  Under the scheme a unit of exported electricity is valued at approximately three times that of a unit consumed by the household.  For a more comprehensive explanation of the conditions click here.

3. Solar Hot Water System Incentives

          Federal Government

When a solar hot water system is installed to replace an existing electrical unit, eligible households will receive a $1000 rebate under the Renewable Energy Bonus Scheme.  Typically, the owner of the new solar hot water system will also be rewarded with the value of the associated RECs (see above). Click here to confirm your eligibility.

          Queensland State Government

The State Government is currently offering rebates of $600 to eligible households to install a solar hot water system (or $1000 for eligible lower income households).  Click here to confirm your eligibility.