Federal Government Solar Panel Rebate Scheme

The ret incentivises small scale and large scale solar projects differently with separate segments known as the large scale renewable energy target lret and the small scale renewable energy scheme sres.

Federal government solar panel rebate scheme.

Households and small businesses across australia that install a small scale renewable energy system solar wind or hydro or eligible hot water system may be able to receive a benefit under the small scale renewable energy scheme sres to help with the purchase cost. A 6 1kw solar system will you get a rebate worth 3 535 and a 10kw solar power system gives you a rebate of 5 775. The federal government provides a solar tax credit known as the investment tax credit itc that allow homeowners and businesses to deduct a portion of their solar costs from their taxes. The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing.

Stcs are certificates which system owners or installers can trade in exchange for an upfront discount to the cost of a solar system. It s still in full swing and available to all australians through 2019. This means a 5kw solar system will give you a rebate of 2 870. The federal government provides incentives for solar systems both small and large under the renewable energy target ret.

You can search for federal and state government rebates on the federal government s energy rebates webpage. The solar rebate officially known as the small scale renewable energy scheme sres provides those purchasing solar pv systems with a substantial rebate based on the amount of small scale technology certificates stcs that the system is permitted to. If you buy a solar system today july 2020 it is subsidised by a federal government scheme worth about 585 per kw installed based on a 39 stc price i explain this later. Generally when you receive a quote for a solar or battery storage system the retailer will show any rebate amount that you are receiving.

Both homeowners and businesses qualify for a federal tax credit equal to 26 percent of the cost of their solar panel system minus any cash rebates. The bigger the solar power system the bigger the rebate.