When you install a solar system, you generate Small Technology Certificates (STCs), which are sometimes referred to as a ‘Government Solar Rebate’. You’ll receive 1 STC for every Megawatt of energy your system is expected to produce until 2031.
For example, a 5kW system (approx 17 panels) will produce around 88MWh worth of electricity over the 11-year period until 2031, meaning you are entitled to 88 STCs.
Once your system has been installed and the STCs have been registered, they can be sold to recover a portion of the cost of purchasing your solar PV system. Given the complexity surrounding creating and selling STCs, it’s common practice to assign the right to create the STCs to your solar provider, in exchange for an upfront discount off the full, or ‘true’, system price.
STCs currently trade for around $37 each, which means you’d receive around $3,250 discount off the full, or ‘true’, cost of a 5kW system.
Infinite Energy will quote a price to you that is inclusive of the STC discount. This is the final price of your 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)||28c (Synergy A1 Tariff)
Up to 53.9c (Synergy Smart Home Plan Tariff)
|Payment for units exported to the grid:
Renewable Energy Buyback Scheme
|The Renewable Energy Buyback Scheme, which is applicable to all REBS applications prior to 7 September 2020, pays you for any units of electricity your solar system produces that you do not use on your property.||Under REBS, the buyback rate is a flat 7.1c/kWh.|
|Payment for units exported to the grid: Distributed Energy Buyback Scheme||The Distributed Energy Buyback Scheme which is applicable to all DEBS applications after 7 September 2020, pays you for any units of electricity your solar system produces that you do not use on your property, at a specific rate depending on the time of day.||Under DEBS, the buyback rates are:
10c/kWh for each unit energy exported to the electricity network between
3c/kWh for each unit of energy exported at any other time.
A Voluntary Electricity Retailer contribution between 6 to 12c/kWh 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!