To encourage more and more people to install solar panels as an alternative energy source the government has offered significant incentives to the homeowners who qualify for it.
Residential financial incentives? Am I eligible for it?
The Australian Federal government has currently offered Small Scale Technology Certificates (STC’s) to homeowners who will use renewable energy. When the homeowners invest in the eligible solar power system, wind power unit or hot water device, they will be granted STC depending on the size of the energy system and the location.
The STCs are then traded with those who produce electricity through fossil fuels, either through homeowner or solar panel installer and are used to offset the price of the panel installation. STC prices can fluctuate depending on the market.
What about my Business then?
Business owners install a grid connect solar power system, they can gain considerable savings through the country’s solar credit discount. Under the program, small businesses with a turnover of less than $2 million are eligible for a $6,500 tax break including the solar power systems.
Similar to residential solar systems, businesses can also trade STCs to balance the costs of establishing their systems and make use of feed-in tariffs to reduce their electricity bills and create surplus energy.