RET Review Update – 19/08/2014

Will Solar Prices Rise by 40%?

You may have read yesterday’s news that the government is moving towards scrapping the Renewable Energy Target (RET) rather than scaling it back, a move that goes against the views of the government’s own Environmental Minister.

We reported 2 weeks ago that Dick Warburton had postponed his findings and had asked for more time.

It looks like we got it wrong!

The Financial Review has reported that “Tony Abbott has asked businessman Dick Warburton… to do more work on the option of terminating the target altogether. This was after Mr Warburton’s review leant towards scaling back the RET.”

Australian Financial Review: Abbott’s Plan to Axe RET

A government source has said that the government is looking to make an announcement before the end of the month and that the RET will be abolished under a ‘closed to new applicants scenario’.

This means that the incentive of thousands of dollars for a residential solar system may be stopped for new customers, so if you are looking to install solar within the next few months, placing an order before the government announcement could be absolutely critical.

Independent modelling by the Climate Institute and other environmental groups found that under the termination scenario, coal power generators would earn an additional $25 billion over the next 15 years, and will cost the renewable energy sector a staggering $11 billion in proposed investments.

There would also be no reduction in household power bills, and carbon emissions would skyrocket by 15 million tonnes a year.

Current Rebates

The current rebates on a 5kW solar system are $3,708, and even on a smaller 3kW system the rebate is a sizable $2,232. If the STC program is abolished, solar prices will rise by as much as 40%, and an era of cheap solar power will come to an end for the foreseeable future.

Don’t wait until it is too late

Just like last time, our staff will be on hand to help you place an order. With extended trading hours, you can call us up until 7 pm, and we will be open on Saturday to take last minute orders.

We have our Trina Honey 250W systems on sale at the moment, along with Enphase Micro Inverters and the top of the range Aurora PVI inverter range.

Click here for more information, or call us today on 1300 221 586 to finalise the details of your system.

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