How will it help me save?
With a small 1kw system you could produce 20-30% of your electricity needs over a year. With more panels and larger systems, you will produce more, but the cost is greater upfront. So the amount you save through lower bills needs to be weighed up against the applicable installation costs.
What about the Solar Credits Scheme?
The Solar Credits Scheme is based on a Renewable Energy Certificate (REC) multiplier system. A single REC is equivalent to one megawatt hour of electricity generation and the value of the certificates fluctuates according to market conditions.
The solar credits scheme entitles the customer to 5 times the volume of RECs that they would normally be entitled to and serves as the main rebate for small solar installations. This is only available for the first 1.5kW and is designed to discount the initial outlay. Anything over this threshold has the standard volume of RECs assigned.
For example, if you purchase a 1.5kW solar energy system in Victoria, you’ll be eligible for approximately 26 RECs depending on your location in the state (visit the Office of Renewable Energy Regulator to calculate your REC eligibility).
Under the new scheme this value is multiplied by five:
- 26 X 5 = 130 RECs
- 130 X REC value ($) = rebate amount ($)
For information on the current AGL REC value please visit the
AGL Solar RECs page.
This scheme is in place until the end of the financial year in 2012, and after that the credit multiplier rate will gradually drop each year until it’s phased out completely in 2015.
Let AGL organise your RECs and get a discount on installation.
If you claim the cash value of the RECs yourself, you will have to pay the full price for your solar system now and complete all the time consuming paperwork to claim the credits.
Or, because we are an accredited agent, we can take care of the credits now and apply them to your system in the form of an upfront discount.