SHCP rebates compared to Solar Credits

09/09/11

From 9 June 2009 the SHCP rebate of $8000 for 1kW means tested rebate ended.  It was planned that for 3 years RECs would have a 5x multiplier (Solar Credits) applied to them for the first 1.5kW of any system, before tapering off in each subsequent year to 4x, 3x, 2x and finally no multiplier.  However in late 2010 it was announced that the multiplier would be reduced to 4x a year early in July 2011.  Then in May 2011 it was announced it would be further reduced to 3x in July 2011. 

This seems like bad news but the cost of solar panels for Australians has come down dramatically since 2009, due to massive increases in global manufacturing, leading to some oversupply, improved economies of scale domestically and the higher Australian dollar.

The Department of Climate Change has a FAQ on Solar Credits which you can read by clicking here.

You can read some more information about RECs and their historical price by clicking here.