The Federal Solar Credits rebate REC (or STC) multiplier has dropped from 3x to 2x as of 1 July 2012, as scheduled, despite fears that it would face a premature drop to 1x (i.e. no multiplier). The multiplier allows for the creation of ‘extra’ STCs on the first 1.5 kilowatts of capacity of a solar PV system when it is installed, which means a greater up-front rebate on the price of systems.
How will the multiplier drop affect solar PV system prices?
Preliminary figures from the Solar Choice database reveal that the steadily falling solar PV system prices have managed to meet the drop in subsidisation, with system prices showing little to no upwards movement since the changes came into place on 1 July. This is good news for those considering an investment in a solar PV system, and an indication that the Federal Government’s solar PV system subsidisation efforts have been more or less successful in achieving its aims.
What are the current rebates under the new 2x STC multiplier?
Barring a sudden change to federal legislation, the rebates available for newly installed 1.5 kilowatt grid-connect solar PV systems in Australia will be as indicated in the “2x multiplier” row in the table below until 1 July 2012. From then, only a 1x multiplier will apply. (Please note that prices are based on an assumed STC value of $30–STC prices fluctuate with supply and demand. You can check the current STC spot price on the Clean Energy Council’s homepage, but individual solar PV installation companies may offer slightly different prices.) Read more about RECs/STCs.
| Rebates on 1.5kW Solar PV Systems
(Assuming STC value of $30) |
2x multiplier (1 July 2012 – 30 June 2013) | 1x (no multiplier, from 1 July 2013) |
| REC/STC Zone 1 | 72 (72 x $30 = $2160) | 36 ($1080) |
| REC/STC Zone 2 | 69 ($2070) | 34 ($1020) |
| REC/STC Zone 3 | 62 ($1860) | 31 ($930) |
| REC/STC Zone 4 | 53 ($1590) | 26 ($780) |
——
| Rebates on 5kW Solar PV Systems
(Assuming STC value of $30) |
2x multiplier (1 July 2012 – 30 June 2013) | 1x (no multiplier, from 1 July 2013) |
| REC/STC Zone 1 | 158 ($4740) | 121 ($3630) |
| REC/STC Zone 2 | 149 ($4470) | 115 ($3450) |
| REC/STC Zone 3 | 134 ($4020) | 103 ($3090) |
| REC/STC Zone 4 | 115 ($3450) | 88 ($2640) |
How do I know which STC (REC) Zone I am in?
A free STC calculator is available on the Office of the Renewable Energy Regulator’s website: STC Calculator. Enter your proposed system size and post code to see how many STCs a solar system in your area would be entitled to.
© 2012 Solar Choice Pty Ltd
He is now the communications manager for energy technology startup SwitchDin, but remains an occasional contributor to the Solar Choice blog.
James lives in Newcastle in a house with a weird solar system.
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