Prime Minister Tony Abbott has recently told Australia’s Clean Energy Finance Corporation (CEFC) that it can no longer invest in rooftop solar as well as wind power projects.
Currently around a third of CEFC investments are in small-scale solar, with the corporation producing a profit of around $1 for every $1 invested. With a further $500 million worth of solar power projects in the assessment stage, worth a staggering $1 billion, this latest decision by the Federal Government has left the solar industry fuming.
The industry has vowed to fight back, with the Australian Solar Council planning a multi-million dollar campaign to make solar a key issue in the next election, targeting marginal seats in areas such as Western Sydney.
It is clear the current stance of the government is out of step with the general public on the issue of solar power. There are now more than 1.3 million solar systems across Australia, and the residential solar industry is both growing and consolidating to become a key player in Australia’s Clean Energy Future.
As Tony Abbott appears to broaden his attack on renewable energy, many industry experts are now suggesting it is only a matter of time before current government rebates for solar power systems are abolished.
A 5kW solar system installed in Sydney is currently entitled to a rebate of $3,978, and with prices for a quality system starting at under $6,000, the current rebate makes it possible to see a return on your money in less than three years. The affordability of solar power in Australia has made it possible for households to significantly reduce their electricity costs at a time where the cost of living and property prices continue to rise.
The government rebate consists of small-scale technology certificates that have a maximum value of $40. The larger the system, the larger the rebate. With a current STC price of $39, the next three months are a great opportunity to install solar. Leading into spring is one of the busiest times of the year for Solaray as households look to take advantage of Sydney’s long and sunny summer days.
Call the Solaray team today for more information. Once you place an order we can lock in your rebate and get you booked in for an installation within around two weeks.