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Solar energy is a clean, renewable resource that’s an ideal alternative to fossil fuels. It’s also an affordable energy source in New South Wales. Solar energy systems cost less than half as much today as they did just three years ago, and solar panel technology continues to improve at a rapid rate. But what are the incentives for solar in New South Wales? Let’s take a look.
What Are Solar Power Incentives?
Solar power incentives are financial rewards that encourage people to go solar. Different states and countries around the world have a variety of solar power incentives.
Some of the most common solar power incentives are solar panel rebates, feed-in tariffs, and net metering. Solar panel rebates are one-time payments given to people who purchase solar panels.
Feed-in tariffs (FITs) are payments given to solar panel owners for the energy their panels produce. Net metering allows you to sell any excess solar power you generate back to the grid.
What Is the New South Wales Solar Rebate?
The New South Wales solar rebate allows homeowners to claim $2,000 or $3,000 off the cost of a solar installation. For commercial installations, the rebate amount is $1.50 per watt.
This rebate is taxable and available to customers with a gross household income of less than $80,000 per year. The New South Wales solar rebate is valid until June 30, 2021.
After that date, the state government may choose to extend or replace the solar rebate with another incentive. New South Wales offers the rebate to encourage people to go solar and help meet the state’s renewable energy targets.
NSW Solar Feed-in Tariff
The New South Wales solar feed-in tariff (FIT) is a program that pays homeowners for the renewable energy their solar installations produce. If you have a solar installation, you can sign up for the FIT program, get a meter installed, and receive a check for all the solar energy your system generates each month.
The New South Wales solar feed-in tariff program has been around since the mid-2000s. It pays $0.55 for every unit of solar energy generated. This feed-in tariff is scheduled to end in June 2021, but the state government could end the FIT or replace it with another incentive at any time.
NSW Small-scale Renewable Energy Scheme (SRES)
The New South Wales SRES is a feed-in tariff program that pays you for renewable energy generated by your solar installation. You can sign up for the SRES program, and your solar installer will install a special meter that measures how much energy your solar system produces.
The New South Wales SRES program has been around since 2008. It pays $0.10 per kilowatt-hour (kWh) of solar energy generated. The SRES program pays for renewable energy generated at any time throughout the year.
The program is scheduled to end in 2021, but the state government could end the SRES or replace it with another incentive at any time.
Conclusion
The New South Wales solar incentive scheme is a one-time payment that reduces the cost of installing solar panels. The solar feed-in tariff is a program that pays homeowners for the solar energy their panels produce.
The New South Wales SRES is a feed-in tariff program that pays people for the renewable energy their solar panels produce. These solar power incentives can help homeowners save money on electricity bills and contribute to the state’s clean energy goals.
