A Solar Panel Rebate is an initiative from a Government that wants to subsidize the expense of installing panels on your roof. This makes it more affordable for homes, business and community groups. The rebate means that installing solar power is more a practical and viable investment. There are many kinds of rebates around the world and they differ in each country. However, many countries now simply have a feed in tariff which subsidizes the expense of installing solar power.
There is a solar rebate in Australia, which is made up of Solar Credits, which are an element of the Renewable Energy Target (RET) scheme that was created by the Australian government as a mechanism to boost the production of renewable energy. The Solar Rebate gives financial support to households, businesses and community groups that put up small-scale solar systems, wind and hydro electricity systems.
Solar Credits are provided in the form of Renewable Energy Certificates, or ‘RECs’, for individuals who have installed a new solar system from 9 June 2009. Solar Credits are given for the first 1.5 kilowatts (kW) of capacity of the system installed. The level of support provided by Solar Credits depends on the price of RECs (which may vary over time) and the site and bulk of the system.
The new solar panel rebate program means that installing solar power is a significantly more viable investment and a commitment from the government to aid reduce the amount of coal fired electricity in the grid. Along with the rebate, in Australia there are feed in tariffs which subsidize electricity put back into the grid by solar power systems.