| Rebates: RECs |
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What are RECs? RECs, or Renewable Energy Certificates are a commodity in the REC market. The Renewable Energy (Electricity) Act 2000 (the Act) and the Renewable Energy (Electricity) Regulations 2001 (the Regulations) allow owners of eligible "small generation units" (SGUs) such as small (photovoltaic) systems, to create and trade renewable energy certificates (RECs). Each certificate equals one mega watt hour (MWh) of electricity generated from an accredited renewable energy source. The certificates are then capped at a maximum of 15 years deeming period. Why are RECs created?RECs are created by eligible parties and sold to liable parties via the REC Registry to meet their liability under the RET (Renewable Energy Target). Liable parties include: -Large consumers of electricity -Electricity companies Who Can Trade RECs?Owners of SGUs can create RECs themselves through the internet-based REC registry - www.rec-registry.gov.au, but most find it more convenient to assign their right to create RECs to Sun Empire Solar Systems for a financial benefit such as a discount on the purchase price of the SGU or a cash rebate. Details of these two options can be found on the ORER website - www.orer.gov.au/agents/index.html Renewable Energy Certificates can be created by the installation of a Sun Empire solar power system. RECs Scheme DetailsThe Mandatory Renewable Energy Target (MRET), implemented by the Government, supports the reduction of Australia's greenhouse gas emissions by increasing the proportion of Australia's electricity generated from renewable sources. This can be achieved through a market-based scheme that trades in Renewable Energy Certificates (RECs). The Australian Government has committed to ensuring that 20% of Australia's electricity supply comes from renewable energy sources by 2020. To deliver on this commitment the Government is working in cooperation with the States and Territories through the Council of Australian Governments (COAG), to implement an expanded national Renewable Energy Target (RET) that will bring the MRET and existing and proposed State and Territory targets into a single national RET scheme. Click on the link below for the latest news on the enhanced RET target:
Every photovoltaic (PV) solar power system installed by Sun Empire has RECs assigned to it. These can be sold by the customer after the completed installation of the system with the help of Sun Empire, or may be signed over and assigned to our Company in exchange for an upfront discount on the price of the system. To read more on Residential solar power RECs based $$$ rebates click on our link below:
To read more on Commercial solar power RECs based $$$ rebates click on the link below:
This financial reimbursement is on top of any other Government rebates, thus reducing a customer's total financial outlay for the cost of installing a photovoltaic solar power system.
Sun Empire can assist in all aspects of registration, design, planning and grant claims. |
Rebates
RECs