Solar Power Rebates Change
Are you better off having your solar power system installed before 1st July 2009?
Changes to the solar power rebate scheme may end up costing you more money. Households earning less than $100,000 have just six months to install solar panels or they will probably pay thousands of dollars more.
The federal government announced on in December 2008 that it would change its rebate for solar panels, and said all households would get "up to" $7,500. The change was announced as good news but it is much more complicated than the current system.
It appears that the rebate will be worth considerably less than $7,500 if your household earns less than $100,000 a year. You will have as much as $3,600 taken off your solar rebate when the new scheme starts in July.
On the other hand, households earning more than $100,000 will do much better under the new system.
The average cost to install a solar power system is around $15,000. Under the current system this would mean that if your household had a combined income of less than $100,000 and you claimed your $8,000, you would only be paying $7,000 for a system that produces all of your household power. You would recover this amount on average electricity bills over the next 2-5 years (depending on your electricity use).
What are the benefits of installing a solar power system?
- Firstly, the sun is free!
- Generating your own electricity will help reduce your bills
- The Federal Government's Photovoltaic Rebate Program (SHCP) along with the Renewable Energy Certificates (RECs) will help you save money
- Produce clean electricity and reduce the impact of pollution and greenhouse gas emissions
- Add value to your home
Applicants should discuss which rebate to apply for with an accredited designer and installer. The following points will be considered:
- Rebates will only be granted for a single system on any given residence
- A system’s rated peak watt of output will be used in assessing eligibility and calculating the rebate amount
- The minimum eligible amount of new photovoltaic components to be installed is 450 watt peak output
- There is no maximum amount, although total rebate amounts are capped
- Equipment which does not comprise a complete photovoltaic system (defined as including new panels, new regulator, new batteries where applicable, and new inverter) will be regarded as an extension to an existing system and will attract the lower level of rebate
- A rebate will NOT be paid for equipment installed without pre-approval being granted.
Treasurer Wayne Swan, Minister for Climate Change Senator Penny Wong and Minister for the Environment Peter Garrett today released details on the Government's 20 per cent Renewable Energy Target and new 'Solar Credits' as part of Australia's move to a low pollution future.
"The Renewable Energy Target (RET) will ensure 20 per cent of Australia's electricity is sourced from renewables by 2020, helping us build the low-pollution economy and jobs of the future," the Treasurer said.
You too can help work towards this target by installing a new Solar Hot Water System in your home ... and save money. There are attractive government
rebates of up to $3,800 for installing a new hot water system. At Omega, we also offer the following:
- Cash-back on old hot water system up to $150
- Limited Lifetime Warranty
- Interest Free Finance
- Help to fill out all the paperwork!