Why is it better to use your STC rebate on a higher quality solar power system
What are STCs?
The solar industry benefits from a government incentive called the ‘Renewable Energy Target’ (RET). Under the Small-scale Renewable Energy Scheme, households and businesses with solar power systems up to 100kW, receive Small-Scale Technology Certificates (STCs) for every megawatt-hour of renewable energy generated or displaced by an accredited solar panel.
How do STCs work?
STC rebates are given out with eligible solar systems. They can be redeemed for a dollar value that is deducted from the cost of the system at the time of purchase.
The STC program isn’t technically a rebate, and the Government doesn’t actually pay out the money you save. Instead, the Government insists that the fossil fuel industry buy STCs from solar energy generators, contributing that money so that your new solar system is more affordable (in reality it is obviously much more complicated than that, but this simplified, working version will do for now).
The STC system has been put in place to help homeowners, schools, community groups and small business to invest in solar. It is worth noting that eligibility is not means-tested.
It isn’t the home or building owner that needs to be eligible for STC, the eligibility falls on the company or person trading the Certificates.
There are some requirements on the system you get installed, however, to be eligible for STCs.
STCs don’t last forever
Approximately one STC equates to one megawatt-hour of electricity generated by your solar pv system. The value of an STC fluctuates daily based on supply and demand. It is a tradeable commodity and its price is determined by the activity of the current renewable energy market.
STCs are designed to discount the system; they're not going to be around forever. so making the crucial decision now of buying a quality solar panel system is doubled over, because in the future if you don't have the STC discount and you've had to replace that system, you now are out for a lot more money than just the $3,500 to $5,000 that you're going to spend now on your solar panel systems.
We suggest to the customers that whilst you've got the STC rebate, use it wisely and make your panel selection or your system selection based on that.
If you have any questions about STC rebates, please contact Generate Energy today.
With a host of government incentives and lower panels prices there is no better time than now to consider a solar installation for your home.
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