Why You Should Think Twice About Claiming The Victorian Solar Rebate
The $1400 solar power rebate from Solar Victoria is a great way for households to further reduce the price of solar power, however, there is a major catch: you can only claim one rebate from Solar Victoria.
This means that if you are planning to install a battery and you are eligible for the $8800 Interest-Free Loan, you may be better off not claiming the $1400 solar rebate.
Solar Rebate: Up to $1400 off a solar power system, plus a $1400 interest-free loan
Battery Storage Interest Free Loan: Up to $8800
Put simply, if you are thinking about installing solar power and a battery such as the Powerwall from Tesla, you can either claim the $1400 solar rebate, or use the $8800 interest free loan to help bring down the purchase price of a battery.
If you already have solar power and you are considering adding a battery, this is also a fantastic opportunity as the upfront cost of a Powerwall battery can now be $8800 lower.
Powering your home with solar & storage is a lot more affordable thanks to these State Government rebates.
For more information on solar power pricing in Melbourne, click here: Melbourne Solar Prices
The Victorian Government Solar Battery Storage Interest Free Loan
The battery storage interest-free loan is a total game-changer for battery storage in Victoria. Households can now apply for the State Government’s $8800 Battery Storage Interest-Free Loan through Solar Victoria when ordering a Tesla Powerwall home battery or Enphase IQ Battery from Solaray Energy.
This great interest-free loan that has replaced the battery rebate will make battery storage a more affordable option for thousands of households looking to maximise the benefit of their solar power system & their energy independence.
The current plan is that 4500 households will be given the rebate in 2023-2024. More information on the battery rebate is available here: Victorian Battery Storage Rebate
The Victorian Government Solar Panel Rebate
The Victorian Solar Panel rebate is currently available.
To further reduce installation costs, householders can apply for an interest-free loan, for an amount equivalent to their rebate amount. The loan is required to be repaid over four years or can be repaid sooner in one lump sum.
Eligible households will only have to pay 50% of the cost of a solar panel system up to a maximum rebate of $1400. As quality solar systems cost more than $3000, all Solaray customers will get the full rebate of $1400 if they qualify*.
The best thing about this solar rebate from Solar Victoria is that more households will now be able to invest in a top-quality solar system, avoiding the troubles that are now synonymous with the cheaper end of the solar market. Over 1 in 5 solar systems are defected by the Clean Energy Council, more on that here: Cheap Solar, Don’t Do It!
Do I qualify?
Victorian households are eligible to receive a rebate for installing a solar PV system if they meet the following criteria:
- they are the owner-occupier of the property
- the owners have a combined household taxable income of less than $180,000 per year (based on their Australian Tax Office Notice of Assessment)
- they have not already received a solar battery rebate as an owner-occupier under the Solar Homes Program
- it is an existing property, valued at under $3 million
- the property address has not previously taken part in the Solar Homes Program
- they do not have an existing solar PV system*.
Once you’re confident that your property fits the eligibility criteria, you should start researching solar retailers who are authorised to participate in the Program and can meet your energy needs.
* Early adopters who installed their system prior to 1 November 2009 are eligible to replace or expand their existing system. However, those receiving the Premium Feed-in Tariff should consider whether they will be better off if they replace their existing system.
Who can install my solar system?
If you want that rebate, you’ll need to get the job done by accredited installers. This is obviously a good idea anyway, as shonky products and installation jobs can cause you financial pain (and even physical danger) later on. Look for a Clean Energy Council Approved Retailer to get your system installed with all the necessary checks and guarantees (that’s us!).
*All information above is from Solar Victoria and is subject to change. Claiming this rebate must be done through Solar Victoria. Solaray is not responsible for claiming this rebate on your behalf, nor can we guarantee you will be eligible for this rebate. Please see solar.vic.gov.au for more information.
The Federal Government’s Solar Incentive
Federal government incentives are available to qualifying residential and commercial premises in Australia that install Solar Panels and other Renewable Energy Systems.
These rebates can mean significant reductions in the cost of Solar Systems and have been designed to encourage Australia’s use of renewable energy.
The rebate program is part of Australia’s Renewable Energy Target and so when you install a Solar System a number of Renewable Energy Certificates are created. These Certificates (referred to as STCs – or Small-Scale Technology Certificates) are then purchased on an open market, often by Energy Companies as part of their Renewable Energy commitments. The price is capped at $40 per certificate and is locked in when you place an order for immediate installation.
The value of these Certificates is normally deducted from the price of your system directly reducing the purchase price.
Small-scale Technology Certificates (STCs)
STCs are created when a Renewable Energy System such as a Solar PV system is installed.
The number of STCs depends on the size of the system and therefore the amount of energy generated. One STC is created for every megawatt-hour of production capacity of the system. This is further multiplied by the number of years the system is likely to generate energy. For solar systems, this was 15 years (the life of the solar panels themselves is considerably more than that), however, as the rebate is being phased out in 2030, and so each year the number of STCs generated reduces.
There are currently great rebates available on all of our solar systems. The larger your system the greater the rebate.
* Reduction figures are rounded to the nearest $50 and are based on an STC price of $38 for a solar system installed in 2022. Please check with the Solaray Team for the current STC price as it often changes.
The Real Savings Start After The System Is Installed
The sooner you get your solar power system installed, the sooner it starts saving you money. Your heavily-discounted investment will give you returns whenever the sun is out. The average-sized 6.6kW system can bring your power bills down by up to around $2000 a year, and a larger system will help you achieve even greater savings.
If your system generates more energy than your household uses during the daytime, sending the power back into the grid for someone else to use will also earn you a small feed-in tariff as a credit on your bill, but it’s not where the main benefit of solar lies.
This is why so many households are adding battery storage to further reduce their power bills and maximise their energy independence… if electricity prices rise, it doesn’t matter so much if you are running on solar power for most of the day and into the evening.