When you install a solar system, you generate rebates named Small Technology Certificates. You’ll receive 1 STC for every Megawatt of energy your system is expected to produce over the next 15 years.
For example, a 5 kW system (approx 20 panels) will produce around 105MWh worth of electricity over a 15-year period, meaning you are entitled to 105 STCs.
Once your STCs have been authorized, they act as a form of currency that can be sold to recover a portion of the cost of purchasing the system. (It’s common practice to allocate the STCs to the system provider in exchange for a discount on the purchase price.)
STCs currently trade for around $38 each, which means you’d receive a $3,990 discount off the cost of a 5kW system.
You are generally invoiced for the “Out for Pocket” price, less the assigned value of STC’s created in relation to the system.
The biggest benefit that your solar system will give you is offsetting your daytime electricity tariff. For every unit of electricity your solar power system produces and that you consume means that you do not have to purchase that unit from your electricity retailer.
Your electricity retailer will also purchase any electricity generated by your solar system that you don’t use yourself. This may include a contribution from the State Government.
|Reduction in units needed to be purchased from the grid||The number of units produced by your solar system that are consumed on your property (and hence this reduces that number of units to be purchased from your retailer)||24c (Synery A1 Tariff)
Up to 45.9c (Synergy Smart Power Tariff)
|Payment for units exported to the grid||The Renewable Energy Buyback Scheme pays you for any units of electricity your solar system produces that you do not use on your property.||7.13c|
A Voluntary Electricity Retailer contribution of up to 6.38c is paid for units exported to the grid.
(this varies with different retailers so please check with your retailer)
|Reduction in units needed to be purchased from the grid||The number of units produced by your solar system that are consumed on your property (and hence this reduces that number of units to be purchased from your retailer)||Your electricity retailer’s daytime tariff|
If you would like more information about the latest State or Federal Government solar rebates, please feel free to give us a call on 1300 074 669 or use our contact form today!