The Federal Government announced Friday (16th November) morning that it will reduce the Solar Credits multiplier from 2 to 1 on 1 January 2013.
This will effectively phase out the Solar Credits mechanism adding to cost of all solar power systems Australia wide of approximately $950.
Greg Combet’s media release is here Solar Credits Phased Out
The effect on existing and new customers is outlined below
- Any agreement to install a solar PV system that was entered into before today (16 November) will be eligible for the existing Solar Credit multiplier of 2 and you will have until 30 June 2013 to install the solar PV system under the existing multiplier.
- All agreements for a solar PV system after 16 November must be installed before 1 January 2013 to receive the existing Solar Credit Multiplier of 2.
- All Solar PV installations completed from January 2013 will not be eligible for the Solar Credit Multiplier however standard STC discounts will still apply.
The phasing out of the Solar Credits program was due to occur on 1 July 2013, so today’s announcement has brought that forward by six months.