Solar Rebates
Solar Credits & RECs
When you invest in our solar PV systems, you will be issued additional RECs (Renewable Energy Certificates) by the Federal Government under the Solar Credits scheme. Modern Solar can purchase these credits at point of sale proportional to market value at the time, drastically reducing your upfront investment. The Solar Credits scheme offers a 5 times multiplier for the amount of RECs that you are entitled, applies to all PV installations for the first 1.5kW of that system and now there is no means test and no lengthy application approval process.
RECs are calculated based on how many megawatt hours of electricity your system will generate over a 15 year period. Depending on the your postcode, a 1.5kW PV system will attract up to 150 RECs. The Federal Government has suggested RECs can be traded at prices up to $50 or even more determined by the market on any given day and are treated as a form of electronic currency.
Feed-In Tariffs
Feed-in tariffs allow producers of solar power to sell the electricity generated by their panels to the main electricity grid. Countries like Germany, Spain and Japan have turned what began as a consumer incentive into a multi-million dollar industry. Think of it as your own clean, green power station on your roof.
In Australia we have mainly net feed-in tariffs, where producers of solar electricity sell surplus energy (net), not the whole generated volume (gross). Thanks to Feed In Tariffs, generating solar energy is not only great for the environment but can be very helpful to the household budget as well.
- ACT - $0.50/kWhr (Gross)
- NSW - $0.60/kWhr (GFiT)
- SA / QLD - $0.44/kWhr (Net)
- VIC - $0.60/kWhr (Net)
- WA - $0.60/kWhr (Net- still to be determined)
Good news for NSW residents. Gross Feed-In Tariffs have been introduced!
