If you live in Victoria, you could be eligible for two solar rebates – you lucky duck! So, what are they and can you claim them?
Small-scale technology certificates (STCs) are financial incentives provided by the Australian government scheme that offer a discount to your overall system cost based on the size of the system purchased, the amount of carbon it will offset and the STC certificate price at time of purchase.
How is the STC price determined? Current legislation stipulates that the STC price falls by one fifteenth every year until it drops to zero in 2032, but it is capped at a maximum of $40. The system however is designed to self-regulate meaning that when solar power is in high demand, the STC price goes down in value and vice versa. The higher the price? The more cold, hard cash you can keep in your wallet. The price of the STC rebate you will receive, calculated at the time of sale, will be clearly provided on your quote.
Currently the STC price is sitting at roughly $34. This value can vary day to day depending on supply and demand, and can be calculated here: www.rec-registry.gov.au/rec-registry/app/calculators/sgu-stc-calculator.
You are eligible if:
- Your system does not exceed 100Kw
- It is installed by a Clean Energy Council accredited installer
- Your solar panels and inverter are on the Clean Energy Council approved list.
THE SOLAR VICTORIA REBATE (SOLAR HOMES PROGRAM)
The Victorian government is currently providing an additional, means tested rebate of up to $1,888 as well as an interest-free loan of the same amount (the only requirement being that it needs to be repaid in full over a four-year period).
Unlike STCs, there is no simple calculator to determine how much rebate is available to you, instead, following your quote, your authorised solar provider (us hopefully!) will upload your quote to the Solar Victoria portal which will then commence the online process for assessment. Following, this, all that you will need to do is provide proof of income and a rates notice. From here, once confirmed eligible, your provider will claim the rebate on your behalf and deduct that amount from your quote.
To be eligible, you must:
- Be the owner/occupier of the property
- Have a combined household taxable income of less than $180,000 p.a
- Have a property valued at less than $3 million
- Have no pre-existing solar power system.
Full details at https://www.solar.vic.gov.au/
To make sense of it all, call us today to receive a customised quote to meet your needs and we will calculate all discount available to you.