Renewable power incentives are in place through the Department of Industry, Science, Energy and Resources.
The incentive outlines that 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 offset the purchase cost.
Installing an eligible system allows for the creation of Small-scale Technology Certificates (STCs) with a value that can be redeemed by selling or assigning them. The number of STCs created is based on:
- the amount of renewable electricity the system produces or the amount of electricity consumption it reduces;
- the climate region where it’s installed.