Time to read : 2 Minutes
We’re all across the push for greener energy, and there’s a lot of information out there about how you can go greener, what it might cost, and what it can deliver for you.
The clear frontrunner for individual homeowners living in sunny Australia is solar power.
According to some energy providers, over 3 million households will have installed a rooftop solar system by the end of 2023.
That’s over 20% of Australian households.
Savings vary greatly across states and climates, but a minimum of around $500 of savings on energy bills per year is common.
The Federal government has instituted several incentive schemes for solar power in your home.
While these schemes are federally-funded, they’re mostly state-run. What’s available for solar powering your home differs from state to state.
So, where does your state stand, and how can you, personally, benefit financially from any of these solar powered incentives? Let’s take a look:
The Small-Scale Renewable Energy Scheme (ssre)
This federal government program issues small-scale technology certificates (stcs) for each kilowatt generated by a solar panel you've installed.
These stcs can be sold back to your energy retailer (or another retailer) for about $30. This process can be managed by your solar installer, or you can manage it yourself
This scheme is set to run until 2030, but bear in mind that the value of stcs declines by 7% at the start of each year.
By next year for example, your sale price to your retailer may be less than $30, and it’ll fall annually until the scheme is complete.
Can it assist you in juggling your energy bills at the moment though? Possibly.
Solar schemes in New South Wales
The Empowering Homes program began in NSW’s Hunter region, which is also where most of the coal-fired power stations are being shut down.
The Empowering Homes program offers eligible NSW residents interest-free loans for installing solar battery systems.
You need to be an owner-occupier of your home, with a combined annual household income of up to $180,000 to qualify for this scheme.
Solar schemes in Victoria
The Solar Homes Program means all Victorian households are eligible for a rebate of up to $1,850 towards the installation costs of solar panels. Interest-free loans for this are also available.
Solar schemes in the ACT
The ACT has a solar panel incentive scheme available to pensioners. The rebate can amount to as much as 50% off your solar power system for eligible households.
Solar schemes in Queensland
Most of Queensland's solar rebate schemes have already closed, but stay tuned for the feed-in tariff information below.
Solar schemes in South Australia
The SA Home Battery Scheme is available to homeowners with existing solar systems, and those who are adding solar battery storage to their homes.
There is a 3-step subsidy with the maximum available subsidy capped at $3,000 for each battery installation.
What are feed-in tariffs and how do they work?
For most states in Australia, feed-in tariffs are the big news in solar energy installations.
This is where you get paid for any excess electricity generated by your small-scale solar powered home system. The amounts paid vary among retailers so it pays to compare.
To be eligible for this side-hustle, your solar system must be:
installed on a household or small-business.
connected to the grid within the national energy market (nem)..
You may be able to receive financial assistance for installing your system via any of the schemes listed above, and then recoup additional installation funds this way.
Note that this additional income can be taxable, and may affect other concessions you receive.
The bottom line:
Solar power is becoming more popular in Australia, with around 20% of households installing their own solar panels.
There are a number of programs to assist you in solar-powering your home. Feed-in tariffs can help offset the cost of solar installation.
