There has never been a better time to install solar PV system with so many Government incentives available. The new solar credit scheme is available to anyone who wants to install a solar power system on their home, rental property, business or local community building. The two different incentives are REC/STCs upfront discount and Feed in tariff.
Renewable Energy certificates (RECs) are an electronic form of currency created by the renewable energy Act 2000.(also known as RET Scheme). One REC is equivalent to one megawatt hour of electricity generated by solar PV system. The price of RECs are based on market conditions.
There are two ways you can be paid for your RECs/STCs
- 1. Assign your RECs to a registered agent in exchange of financial benefit which may be in the form of upfront discount or delayed cash payment.
- 2. Create RECs by yourself by finding a buyer and then sell them in RECs registry.
For a list of registered agents contact Office of Renewable Energy regulator. Click Here